Ann: Quarterly & Full Year Update, page-41

Actually, the view outlined above is slightly conservative. My approach is always to build in a buffer and error margin of safety.

Performance is never linear, up and to the right, year after year. Extraordinary returns follow extraordinary discipline. Discipline in buying and selling, and maybe the most important one of all, holding.

Most multi-baggers will have long periods of stagnation as fundamentals backfill, old shareholders give up or get bored, and new shareholders enter. A multi-baggers journey is filled with the corpses of highly intelligent articulate naysayers.

If you’re invested in great businesses that continue to grow and earn more money, don’t let lulls in stock price and boredom scare you out of them.

If you know the story better than anyone, you’ll likely get clues well before the rest of the market. A multi-year run is made up of a bunch of mini-cycles that can last weeks or months. During thesetimes the stock can become undervalued or overvalued..

I have a very significant holding in this company with an average entry price between 3 and 4 cents and I'm not planning on selling anytime soon... Do the work. Trust your work.

Successful investors can differentiate business performance from stock performance and can take advantage of those investors who can’t.