Sorry it's my bad. When I think of marriage I think of a lifelong commitment. I already suffer enough at home with my dear wife, so that binding commitment rarely extends to financial markets.
If we are not talking a lifelong marriage, my thinking is now that my "date", needs to ensure I have a great time as quickly as possible. Life is short, and the more time it takes for her to show me a good time, then the more of other "dates" I miss out on.
Coming back to my point re: time, if you invest in an opportunity that is 50% discount to IV, assuming your assessment of IV is correct (and that IV does not change) then,
If it takes one year for the market to re-rate your opportunity to IV, then your IRR is 100% p.a.
If it takes 2 years, that's a ~41% p.a. return
If takes 5 years, that's only ~15% p.a. return.
So, mathematically speaking, the key determinant of your return, assuming your calculation of IV is quite good, is TIME.
TIME also works against you most of the time - we are better at projecting FY22/23 earnings than FY32/33 earnings.
So if TIME is such an enormous driver to the calculation of IRR (the holy grail to any investor is a consistently high IRR right), then do so many investors simply choose to ignore TIME?
The reason why Buffett/Munger apparently choose to ignore TIME, is because they invest in businesses where time is their friend. As Amazon and Apple grows, their intrinsic value rises and "moat" strengthens.
The other reason is the sheer size of the capital they manage. A younger Buffett/Munger, I assure you, will act a lot more impatiently. It's not because they have learnt patience through time, it's more so they are forced to be patient, because they are too frigging rich.
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