@enfier "I just buy things I'm comfortable with holding for life" Wonderful. You are already far ahead than the rest of the herd just by having a long term mindset, most people want to get rich quick and focus too much on the short term.

I never hold more than 10 positions for my stock portfolio(concentrated diversification, unconcentrated diversification with 30+ more stocks are only for people who don't understand the market). And yes in this time right now, finding buying opportunities are a pain in the ass as most assets are too overpriced.

To answer your question, yes I am constantly rotating my position however only in these 2 cases:

1. If the stock price realises its value (price = value). Also note that when I buy undervalued stocks, I focus on getting at least 1/3 discount of its value.
2. If the stock I held already past it's 2 year mark since I bought it, I sell and try to find another bargain.

My strategy is to try to buy into 5 positions and rotate new cash through them so that I don't end up overweight in one particular equity. I'm aiming to have a ~10% stake in each with a 20% cap. I'm having a hard time finding 5 good opportunities, and the ones I do find frequently appreciate in price so that it doesn't make sense to buy any more. I don't currently have an exit strategy, I just buy things I'm comfortable with holding for life. Although looking over my past record, it seems like almost all of the return was within the first year or two so perhaps I should be exiting at year two if the investment no longer meets my criteria.

Are you constantly rotating positions and needing to research new opportunities? Do you set a price target during your initial research so you know to move on when it climbs above that?