Time Horizon

 Time Horizon

  • What do we do about short termism?
    • ‘Fan the flames’ & pray it never goes away
  • Markets are not remotely efficient
    • Price assets for near-term prospects
  • If market doesn’t care about years 3+
    • Then that is what we will focus on
    • Account for the c.90% of value asset
    • Glorious opportunity for those with patience
  • Cycles pay out over years, not quarters

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