“Being prepared, on a few occasions in a lifetime, to act promptly in scale in doing some simple and logical thing will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”
– Charlie Munger
How many traders and investors are prepared to “act promptly in scale,” i.e. exploit opportunities in size when they come? How many diligently scan the horizon for such moments?
How many more bow their heads in submission to the “you are doomed to mediocrity” message of passive investing advocates, random walkers et al… those who say exceptional performance is unattainable and further admonish you in firm tones — without even knowing who you are — to not even try?
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