The Compounders Are the Only Return That Matters

Most companies over a long enough period of time don't really give you returns that are a lot better than fixed income and things like that. Most stocks really you can only buy at reasonable valuations and sell when they get expensive. The difficulty usually is just getting in at a good enough price because without that you don't have a margin of safety. Peloton: durability often gives you the possibility that you'll be able to sell at good prices in the future.