Title: Haymaker Daily — Never, ever sell...?
Show: Haymaker (Substack) — Haymaker Daily
Guest: David Hay / The Haymaker Team
Date: 2026-06-02 (PAID)
URL: https://haymaker.substack.com/p/haymaker-daily-6dd
Length: written post (no timestamps)
Note: Summary of the macro Haymaker Daily; key references preserved. No audio/timestamps.

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(Templeton: "Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.")

We question the one-decision "only need to buy / never sell" zeitgeist now prevailing. The early-1970s one-decision mania — the Nifty Fifty — worked for years and then led to enormous losses amid narrow leadership and rising geopolitical risk plus an energy shortage. Several "invulnerable" names later imploded: Polaroid, Eastman Kodak, Avon, Revlon, Simplicity Patterns — and even Xerox now appears to be vectoring toward Chapter 11.

Fortunately, there is a multitude of equities at modest valuations, as in 1973. The ignored value names — particularly essential-commodity producers — performed admirably over the rest of that disastrous decade.