Know When and How to Say No Purchases, Pessimism, and Pain

Positioning Yourself to Hold the Best Cards

The biggest payoffs go to those holding the best cards. Getting into that position requires patience, discipline and an unnatural willingness to hoard your chips until the time is right. That’s not something investors can turn on and off as the situation warrants. Warren Buffett has spent an investing lifetime putting himself in positions in which the deck is stacked in his favor. We should all strive for that luxury.

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