> Don't hold on to your winners for too long, the stock price is not entirely a function of the company's financial success

In the long term you don’t think the stock price is a function of a company’s success? Surely while a a company does very well financially and the financial outlook is very good, the stock price would be higher than when the fortunes change?

Sure, but there is no guarantee long term stock price is above what you paid for it. Also, the market can be unreasonable, in both directions, for quite a while. Dividends are what you epupd be looking for in long term stock investments.

> but there is no guarantee long term stock price is above what you paid for it

That’s because there’s no guarantee the company will thrive in the long term, nor that you didn’t overpay to begin with. That does not change the fact that share price is a function of the business’ financial success.

A function? Yes. Realistically linked? No, absolutely not. Added caviat: expected financial success, current and past success are either irrelevant or already priced in.