Buffett talks about holding forever....but if you follow his filings for very long, you will see that with the exception of a handful of megacaps he has made many short term trades in the past.....several at a loss.
Buffett cut his stake by 65% in LEE that was reported in the 13F filing last night. The stock went up so much he took the profits. Look up what he did with Bank of America in 2011. In February, 2011 he sold his BAC stake and then bought BAC back in August, 2011 after getting a deal with BAC. Buffett knows investors bought this stock just because he did which caused the pop. Just like its selling off now since he sold part of his stake. I think he will buy a larger stake now that its down. He owns LEE debt he cant just dump it.