"Buy and hold" isn't always the best investment advice

Conrad Black: The end of the road for GM; a new path for Chrysler - Full Comment
In 1953, when I was eight, I had life savings of $60 and invested them in one share of General Motors Corporation. It was the greatest company in the world, and the slogan “What’s good for GM is good for America” did not rankle even on the left. The fishtailed Cadillac was rivaled only by Rolls Royce as the greatest automotive trademark in the world, (German products such as Mercedes Benz still being encumbered with the opprobrium of the recent war).

Over many years, the stock split 3 for 1, and rose from about $80 to $240 for my 3 shares, four times my initial $60 investment. I kept the shares for sentimental reasons, and they are now worth about 10% of what I paid for them 56 years ago.

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