Great post as always @madamswer. Portfolio construction and...

Great post as always @madamswer.

Portfolio construction and ongoing management is a pretty involved affair indeed.

May I ask the following - I know you dislike selling companies of good quality, not in the least because of the CGT implications, but do you manage your portfolio weights i.e. do you (perhaps largely mechanically) trim your allocations of companies so they do not become glaringly overweight in your portfolio? Or do you continue to keep most of your investments (and indeed add to them) as long as you think these companies will materially increase their intrinsic worth in the future, and let the weights fall where they might through the natural forces of the market.

I, as a relative novice, would love some colour on that aspect of portfolio management. I err on the side of inactivity i.e. the oft-used phrase "letting your winners run".