Underperformance… Is It A Necessary Evil…?

[munger] “We don’t give a damn about lumpy results. Everyone else is trying to please Wall Street. This is not a small advantage.” – Charlie Munger You will underperform. That’s right I said it! We will all underperform at multiple points while investing in the stock market. I hate to break it to you, but it’s an inevitable fact of life that we will underperform the market from time to time — and it’s perfectly ok! It’s a “Catch-22” in some sense — to outperform and compound capital at high rates over time, underperformance is a necessity. [drizzle]If you want…