在施洛斯的谈话中，谈到为格雷厄姆工作期间买卖Associated Telephone and Telegraph股票时，施洛斯有这么一段话：But Graham wanted the quick profit. Percentage-wise he was right. But it seemed to me that it was unique and that we shouldn't sell it.
说这段话的背景是，施洛斯认为格雷厄姆不应该在150多卖出该公司股票，但是格雷厄姆选择了卖出。所以，施洛斯认为从（收益）百分比上看，格雷厄姆也许没有错，但是卖出的时候，在施洛斯眼里，股票依然是非常低估的。
其实，对于施洛斯，在他的早期谈话中，他也有这种收益率百分比倾向。他曾经这样说：我仅追求15%-20%的年化收益率，我现在的年化是17%。当机会来临时，我会选择了结。（I just want to grow 15% to 20% a year, and my average is 17%. I'll take my profit when it comes.）
施洛斯在2008年接受采访时，关于按收益率卖出的谈话内容就长一些，大致意思是翻番会卖出，但是一般会逐步卖出，而且还会参考持有时间。在卖出股票上，你必须有一个时间框架。卖出时也许有50%的利润，也许有100%的利润，施洛斯并没有一个可以遵循的公式。但总起来会依靠自己的判断，参考时间框架和收益率，确定是否卖出。（I would say I don't know when to sell. I think basically when a stock gets to be vulnerable in that if you buy a stock you pay 50 dollars a share and it's 100 dollars a share, I'd probably sell it because I have made 100% profit, and I don't want to worry about it. But we sell on a scale. You wouldn't sell it all at one price. I'd sell some at maybe 85 depending on how long I held it, usually we held a stock for about three years, we didn't sell just because you bought it and sell it ... you had a time frame, you get a few reports, you read them and see what the company have been doing and when you get a profit, I mean I like profits but I don't have any formula for say well if the stock goes to 50 or 100, I want to sell it.）
当你追求某个相对确定的年化收益率时，有时候采用一下年化收益率门槛来确定一下卖出价格，个人认为也是可行的。例如，我们可否在某些个股买入后1个月内涨幅达到20%的时候，选择卖出；在2个月内达到30%时，选择卖出？如果这样，在某些价位，我买入的长安汽车就可以选择卖出了结。这样的percentage-wise远高于我的目标收益率区间（10%-20%），岂不是一个非常好的投资卖出方式？
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附点题外话：
记得有个大V（价投初期，我经常看他的文章。但显然，现在他的文章对我价值已经不大）提到复利的特征时，说到：复利后期体现指数特征。
这句话是错的，复利就是指数函数，不分后期或前期。只不过优秀投资家的常数一般处于1.1-1.3之间，即1.1的x次方或1.3的x次方。常数较小，所以曲线早期轨迹会显得非常平，只有时间比较长了以后，加速特征才比较明显。
