In this day and age of quick money where we agonize about the day moves, investors must remind themselves what they are doing. Buy quality and do not worry too much about the short term moves. I was once struck when old favourite Warren Buffett was asked the question, how often do you look at the Berkshire Hathaway share price a week? And then he answered "maybe two to three times a week". It was Becky Quick from CNBC interviewing America's favourite uncle and she was clearly shocked. I mean, how could someone with nearly all of their net wealth in one stock, not know the price on a day to day, hour to hour basis?
In fact he wrote this once, the whole document can be found here ---> OWNER-RELATED BUSINESS PRINCIPLES:
"Charlie and I hope that you do not think of yourself as merely owning a piece of paper whose price wiggles around daily and that is a candidate for sale when some economic or political event makes you nervous. We hope you instead visualize yourself as a part owner of a business that you expect to stay with indefinitely, much as you might if you owned a farm or apartment house in partnership with members of your family."
Wow, those are pretty powerful points that are made there. One of the criteria when we pick a company as a preferred stock is that management are either part owners, founders or significant shareholders in the business. Just so that you know that your interests are quite carefully aligned to theirs.