I've Been in the Wild for Five, Six Years Now.

I do think that these cycles can take many years to play out. I remember when I first bought into American real estate partners, which is now known as icon enterprises, IEP. Six years go by and the stock hasn't gone anywhere. It's gone up and down. So essentially what happened was that six years of pain and misery turned into 10 years of about a 20% caterer on that investment. And so if we're right two thirds of the time over extended period of time, then that should be good enough to make an above average return.

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