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Bill Bernstein on Financial History, Star Managers & The 4 Pillars of Investing | #490

The Meb Faber Show - Better Investing

CHAPTER

The Four Pillars of Long-Term Success

Munger: The single most important determinant of one's long-term success is one's behavior and the worst 2% of time. He says a suboptimal portfolio that can benefit from the magic of compounding is superior to an optimal portfolio that's stock heavy. "You can't execute when the excrement hits the ventilating system," Munger said.

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