A YouTube video posted by the Investor Center shows Warren Buffett and Charlie Munger answering a question about when to sell a stock at the 1998 Berkshire Hathaway shareholder’s meeting.

According to Buffett, “The best thing is to buy a stock you never want to sell.” That said, he explained that Berkshire will trim holdings in a business if “we need money for other things,” or if “we believe valuations between different kinds of markets are somewhat out of whack.” But the best plan, Buffett emphasized, is to buy a great business and “hang on for dear life.”

Munger weighed in: “When sales do happen, it’s when you find something else you like immensely better.”