Are there companies you should never sell?

Are there companies you should never sell?

I am not sure if some of you caught one of the more important points from Howard Marks' latest letter that I shared last week. Interestinly, this is a point I have been saying in many different ways recently, maybe because I need to remind myself.

The point is this:

There are certain truly WONDERFUL businesses that investors should never sell. These companies are able to compound retained earnings at a high rate CONSISTENTLY and can SCALE with very little additional capex over a LONG RUNWAY. They essentially become a money printing press.

I have deliberately capitalised a few words because they are a succinct summary of how I invest these days. If you can use them as a high level checklist, I'm quite sure you will find a few truly wonderful businesses.

And once you find them, to hold on tight...