Buying business ownership on your own terms. This is what Graham was referring to when he talked about an investor’s “basic advantage.” It is important to choose our battles wisely, and we should choose those for which the odds of winning are clearly in our favor. Life often does not give us an opportunity to choose our battles, but the stock market gives us the invaluable flexibility of choosing not only the battle we want to fight but also, in many cases, the battleground and the timing of the fight as well. Human beings are a messy living compilation of a multitude of cognitive and
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