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Which means the only real test of a firm is what it does on the days when showing up is expensive. Anyone can be steady in a good quarter.

Being a good investor, like cycling, isn’t easy. It requires patience, determination, discipline, and trust in the team.

Even the best of the best never stop learning. In fact, being a lifelong student might just be the first principle of becoming a great investor.

But, one can't expect a minivan to drive like a Ferrari or a Ferrari to provide the benefits of a minivan... two different things.