The secret to long-term success in investing isn’t brilliance; it’s discipline. Charlie Munger said it best: “It’s remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid instead of trying to be very intelligent.”
Every poker player and every athlete instinctively understands this. You don’t have to win every hand or make every shot. You just have to avoid the boneheaded mistakes that take you out of the game. The same rule applies to the markets. Avoiding the losers matters more than catching every winner.
