他举了个发生在他公司的例子。2010年第三季度,American Century Mid Cap Value基金开始买入百思买(Best Buy Co.)的股票,多数买入发生在当年7月。买价主要为30美元至40美元之间的中低位。但到了去年第二季度,该基金开始看跌该股票并开始卖出,初始卖价是30美元出头。到了第四季度,该基金对该股票清仓,最后一次卖出发生在11月,当时该股票的价格为26美元至27美元。在过去几个月,该股票的交易价格为17美元至20美元。
'The company had good free cash flow in a very dynamic retail world. But we underestimated the changes in the competitive landscape and how much the company would be hurt by that,' Mr. Davidson says. Best Buy's big-box stores were seen as the category killer for a while, pushing out competitors such as Circuit City Stores Inc. But Best Buy more recently has lost business to online retailers that can offer more selection and often lower prices.
戴维森说,"这家公司在瞬息万变的零售业中有良好的自由现金流。但我们低估了竞争环境的变化以及这家公司因此受到的伤害。"百思买的仓储式商店一度被视为品类杀手,它挤出了Circuit City Stores Inc.等竞争对手。但最近百思买的生意被能提供更多选择、通常还能提供更低价格的网络零售商抢走。
It may seem obvious to sell a stock that isn't meeting expectations, but the decision is more complicated than that, Mr. Davidson says, 'because we never know for sure whether it's permanent.'
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