1. A period of waiting for an idea to work, need patience
2. When everyone agrees with you and the asset performs
3. Asset may still appreciate but need to sell as additional gains would be small
Life
1. Know the value of trust
2. Joy of friendship
3. Futility of envy
If you go back and study the great investors in history, Medicis, Morgan's, Rothschilds and recently Buffett, these great investors share a common trait: they were in a position to be liquidity providers. Each willing to hold cash until someone was in distress or under duress, and they could provide liquidity at very attractive prices.
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