The hardest part of achieving 10-20+ baggers is having the...

The hardest part of achieving 10-20+ baggers is having the patience and conviction to hold through multi-year periods of underperformance. Patience is your biggest asset when investing in a great business. Time always pushes out the weakly convicted and creates opportunities for those with a long-term perspective.

The greatest flaw in the short-term investor is they think great business performance is always linear. The truth is that even great businesses suffer growing pains, and so do their stocks.

The investor that always worries about “next quarter” will sell at any sign of imperfection. Since no company is perfect, this means they will always sell too soon. Short-term investors will accept a 20% gain because they didn’t spend the time to develop the conviction and foresight to see the next 500%.