Another faulty anchor is the past price of a stock—that is, the point at which an investor originally contemplated buying it but failed to pull the trigger, after which point the stock has appreciated significantly. Missing out on an early opportunity creates regret. That regret often is unwarranted because, for a truly outstanding business, multiple opportunities to buy the stock exist. By definition, a hundred-bagger is a ten-bagger twice over. Even if someone bought it after it became 10×, it still went up another 10×. This
