never buy. That should be the rule. Then once in a blue moon…you just have to change your rules…because it’s such a fat pitch and that one fat pitch makes you money for years or decades.
In markets everyone is so precise and focused on volatility and how they are “doing” this year. The speculative element of the market is key for liquidity (and mistakes).
Why doesn’t anyone begin with the intention of making a fortune? Walmart, Microsoft…the best businesses in the world have been there, but only the insiders made a fortune because they didn’t sell!
But it was available to everyone! You could have waited 10 years to buy WalMart! There is no rush. The question is do you know what you own or more importantly, you’re willing to just check in every so often to see the direction of travel is correct. Just watch the grass grow, rather than going to Vegas. Investing is about inaction but the stock market makes you think it’s a casino.
And if you’re wise you’ll save so much on taxes it can cover the management fee. But this goes against our nature. Action = results. Investing is the opposite.
ALT Some of the most exceptional businesses have their moment of entry. Look at Facebook just recently! Down 50%! No company is immune to the popularity contest. If you do the work and wait, eventually you’ll@have your moment. But the first 50-100% return is just the beginning. Many of these businesses can double their value every 5 or 6 years. Then hold on. And let the compound math work.