I think one of the most expensive lessons in investing is the over estimation of one's ability to dodge a DD & buy back a phenomenal compounder.

valuation is art, not science

Selling bc it was 30% or 6M expensive... If it is 10x/10Y does it matter? Insane value destruction.

Idea generation is really important, but if poorly executed it does not matter.

The willing acceptance to take a hit is part of the journey to the right tail. Skew is 20%pa, >1x 50%+ down @decade for the 3% that make it!!

We had four >-65% DD L2Y. No apologies. Normal journey.

Most investors I know have a false sense of control (including me). Removing this delusion is really hard.

actively surrendering to the knowledge I have no idea when my stocks unleash has helped me a ton. If IV is CAGRg at 26%+ it will create a 10x/10Y. just don't know when..

high quality biz trade at optically expensive prices most of the ride.. that's empirical.

If buy cheap & sell when reasonable to be "disciplined" u hv no chance with high quality growth.

Don't be reckless w basis; but hv to embrace the discomfort of the ride. That's the price.