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The Importance of Avoiding Ruin
To create wealth, we need consistency. Compounding is a lifelong journey and an individual's impatience with his or her investment process could lead to a fatal decision. Stay the course and remain faithful to your personal investment philosophy in your individual process. Focus is the key to success. Successful investors identify their niches and stick to them over time as they learn and adapt. As Munger says, all intelligent investing is value investing.