Investors' Chronicle ‘Buy and hold doesn’t work any more’: Sean Peche of Ranmore
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Mar 3, 2026 
Sean Peche, fund manager of Ranmore Global Equity, explains his value-driven stock selection and why he avoids meeting CEOs. He argues against buy-and-hold forever, prefers rotation when valuations change, and shares where he finds overlooked opportunities across the US, Europe and Asia. Short takes include Qualcomm, Alphabet, Greggs, Diageo and EasyJet.
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Skip CEO Coffee To Avoid Behavioral Bias
- Meeting CEOs can create behavioral bias that inflates management impressions and skews investment decisions.
- Ranmore judges management by historical actions and results rather than face-to-face charisma or sales pitches.
Sell Winners To Redeploy Capital Quickly
- Don't treat low turnover as a virtue; sell when a stock reaches fair value so you can redeploy capital into cheaper opportunities.
- Ranmore often sells winners to avoid concentrated, low-upside positions and to give new investors fresh ideas.
Fresh Sheet Test Led To Exiting Qualcomm
- Ranmore uses a fresh-sheet test: analysts must answer whether they'd buy a stock today if the fund didn't already own it.
- That test led them to exit most of their Qualcomm position after initial gains faded.