Depends how long you want to hold it for. As Charlie Munger...

Depends how long you want to hold it for. As Charlie Munger says, it is hard to earn returns of anything other than what the business itself earns over the long term.

Consider the math. Buying something that will return 30% IRR over 30 years for example at 1.00 units.

1.00*(1.3**30) = 2619.995643649948

Now what if you were an absolute legend and bought at it a 40% discount like ANO this week.

2619.995643649948 = (x**30)*0.60, x = 1.32233

So if you work super hard and get it at a perfect 40% discount, you will have compounding at 32.2% instead of 30%. Don't spend it all at once