I think time is your ally as an investor, but you also have to recognize that sometimes you run out of time before the adjustment happens. The problem is we all claim to have long time horizons because that's what we're expected to say. For most people who manage other people's money, their time horizon is not under their control. It's determined by their clients. So if you manage your own money, that's the power you have, take full advantage of it.

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