Avoid Catastrophe First

Avoiding disaster is more important than chasing success. Short-term noise often forces investors out before value is realized. Long-term discipline increases the odds that fundamentals, not emotions, drive outcomes. Extend research and review horizon, reduce unnecessary turnover, and adjust only when intrinsic value, risk, or opportunity cost materially changes. Charlie Munger frames investing as a compounding game. Time amplifies quality and discipline, while unnecessary activity often destroys long-horizon returns. Key insight: Inversion thinking avoid what kills you. Long-term investing is like planting trees.

Avoid misuse: Calling it long term while never reviewing thesis