Whitney Tilson on holding on to winning stocks

Almost no human being has the ability to do this.  If you want to know the main reason index funds outperform almost all active managers over a long period of time, it's because they never sell their winners.  They let their winners run.  Just look at the S&P 500 index.  The S&P 500 index has never sold a share of Apple, Nvidia, Microsoft, Berkshire Hathaway, Visa, Mastercard, Lilly.  I just named almost all the top 10 stocks in the S&P that drive its entire return.

~ Whitney Tilson, "Be Greedy and Let Your High-Quality Winners Run," Stansberry Investor Hour, 26:35 mark, July 8, 2024