The key to wealth creation is to buy high-quality, growing businesses at reasonable valuations and then just sit on them for a very long time. If you take any random sample of a hundred successful investors who have compounded their capital at a healthy rate for a long time, you will invariably observe that almost all of them would have bought some great businesses and then just sat tight on them. As Munger says, “The big money is not in the buying and selling, but in the waiting.”
