Group 1 - The core trading rule for A-shares is the T + 1 system, meaning stocks cannot be sold on the same day they are purchased, and the earliest they can be sold is the next trading day [3] - The actual holding period for stocks depends on the investor's strategy and market conditions, with common extremes being either selling too early or holding too long without a clear exit strategy [4][10] Group 2 - Short-term trading typically involves holding stocks for a few days to a couple of weeks, focusing on capturing short-term price fluctuations and news events [6] - Medium-term investing usually spans several weeks to months, relying on industry trends and company fundamentals, with the challenge being to accurately identify trend reversals [7] - Long-term investing emphasizes the company's long-term value, with holding periods often exceeding six months or even years, and selling decisions based on fundamental deterioration or changes in industry logic [9]

Group 1 - The core viewpoint expressed by Schloss is that determining when to sell a stock is more challenging than identifying when it is undervalued, as it involves predicting future free cash flows, which is inherently difficult [1] - Schloss suggests that investors should not rush to sell stocks simply because they have appreciated by 50%, but rather reassess the company's value in relation to its book value and the overall market conditions before making a decision [2][3] - In a 2008 discussion, Schloss indicated that if a stock purchased at 50 rises to 100, it may be a sign of weakness, and he might consider selling, as the stock has doubled and he prefers not to worry about it [3] Group 2 - Schloss emphasizes the importance of having a predetermined idea of when to sell a stock at the time of purchase, which may evolve over time based on the stock's performance and market conditions [1] - The discussion highlights a common tendency among investors to sell after a significant price increase, but Schloss advises a more analytical approach that considers various valuation metrics and market sentiment [2][3] - The need for reevaluation before selling is underscored, suggesting that investors should be aware of market yields, P-E ratios, and overall market optimism when deciding to sell [2][3]