I didn't note any better opportunities it took me that long to...

I didn't note any better opportunities it took me that long to be sure (mostly to understand myself properly). Lots of stuff that looked attractive but not after a more careful look. Nor did I get it right the first time.

In terms of investment, I have several opportunities on the go at any one time preparing and vying to take prime position (due to takeout's of the incumbent). The long gestation period, if that happens, is for me to understand them properly. In the meantime, the price goes up and down and I end up accumulating if the quality is there.[ As for DGR I've spent bulk time posting and am happy to discuss as many aspects that ascertain that quality as necessary.]

I've seen that happen with fund managers too. They do their initial research and buy some. Then interview the manager to compare results to that expected. (Usually the profit result). Then they buy more or take up a rights issue. Over time they really understand the drivers of the stock and the sector. Where the funds have built up a hefty holding in say CSL, or WOW or indeed the banks it didn't just come about buying a big chunk on day 1. I specifically asked Barry Henderson CFS's champion small-cap manager at the time (say 1995-2005, he went private later) if that's how he did it. He said pretty much.

Only extremely aggressive investors tend to put down a big chunk on day 1. They are also easily shaken out of it. We often see short sharp falls called 'tree shakes'.

You'll note, I applaud (laud?) the method I espoused above, whenever I see it demonstrated on this or other treads.

All IMVHO.