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