“The serious long-term wealth builder has to anticipate the end of the trend – and make sure he is not destroyed by it.  That means being on the right side of the magic of compounding – which involves making profits on your profits. You want your gains to compound, but not your costs.  Finally, the serious long-term wealth builder can wait for the ‘perfect pitch.’ He is not afraid of volatility. He knows that prices go up and down. He knows, too, that he can wait for prices to get to bargain levels before he buys.  He is a ‘patient opportunist,’ in other words. Buying at epochal lows, he has a much better chance of compounding gains over a long time.”

http://www.bonnerandpartners.com/a-new-manifesto-for-building-wealth/

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