Success requires a paradoxical mindset: commit to a long-term vision (e.g., a decade) while being relentlessly consistent with daily actions. Compounding only works over long time horizons, so outlast competitors by sticking to the process for the 'thousand days' it takes to see exponential growth.

Prioritize sustainable, long-term growth and value creation over immediate, expedient gains that could damage the business's future. This philosophy guides decisions from product development to strategic planning, ensuring the company builds a lasting competitive advantage instead of chasing fleeting wins.

Some companies execute a 3-5 year plan and then revert to average returns. Others 'win by winning'—their success creates new opportunities and network effects, turning them into decade-long compounders that investors often sell too early.

Identifying a stock trading below its intrinsic value is only the first step. To avoid "value traps" (stocks that stay cheap forever), investors must also identify a specific catalyst that will unlock its value over a reasonable timeframe, typically 2-4 years.

Intrinsic value shouldn't be confused with a 12-month price target. It is a calculation of a company's long-term worth, akin to a private market or takeover value. This stable anchor allows investors to assess the "margin of safety" at any given market price and ignore daily noise, rather than chasing a specific trading level.

Inspired by Charlie Munger, this investment strategy is built on three common-sense pillars: maximizing earnings growth, maintaining valuation discipline, and focusing on downside risk. The goal is reliability and avoiding major mistakes rather than chasing spectacular, high-risk wins.

Absolute truths are rare in complex systems like markets. A more pragmatic approach is to find guiding principles—like "buy assets for less than they're worth"—that are generally effective over the long term, even if they underperform in specific periods. This framework balances conviction with flexibility.

Rather than passively holding a stock, the "buy and optimize" strategy involves actively managing its weighting in a portfolio. As a stock becomes more expensive relative to its intrinsic value, the position is trimmed, and when it gets cheaper, it is increased, creating an additional layer of return.

The effort to consistently make small, correct short-term trades is immense and error-prone. A better strategy is focusing on finding a few exceptional businesses that compound value at high rates for years, effectively doing the hard work on your behalf.