Charlie’s approach is contrary to human nature, but right there it should tell you that it is a winning investment strategy. For one of the most successful of all investment strategies is to be a contrarian investor—to go in the opposite direction—to buy when others are selling. And not being in a hurry is contrary to everyone who is in a hurry, which is just about everyone else in the world. Think of it this way: Charlie isn’t out looking for an investment, he is waiting for the right long-term investment—at the right price—to come to him. Yes, he keeps his eyes wide open to make sure he sees
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