“Time is the friend of the wonderful business, the enemy of the mediocre.” Lessons: The commodity businesses’ consolidation and synergy strategies fail faster to the historic average or below. Here, 1+1 is less than 2. Cigar-butt value investing is a trading strategy. However, if you are investing for the long-term, you need to avoid them for three reasons. First, they eat up capital. Second, the time to realize the gain is unknown. Third, holding them burns out investor's mental resources and other better opportunities. It is always a wise idea to correct a mistake as early as possible
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