Andrew Marks

You doubled your money, but you shouldn't sell it.

Next year, it'll compound value to $1.20.

So if it goes up to $1.20, you're up 20%.

You still shouldn't sell it.

The next year, it'll go to $1.44.

Let's say instead of $1.44, it goes to $1.60.

You probably still shouldn't sell it even though it's quote unquote overvalued because the right to compound at almost 20% in perpetuity is extremely valuable and so on and so forth.

So you shouldn't just let price action alone determine what you should do.

And then I think

The other thing to note is, number one, things that can do that, these sort of compounding certificates, you know, in the form of companies are extremely rare, but extremely, extremely valuable.

I mean, if you just look at a DCF, if you really have something that can compound cash flows for 25 years, you're up 100x.

So if you can do that for 50 years, you're up 10,000x.

So it's really, really hard to price that in in the near term.

And so number one, if you can really believe you found something like that, something crazy has to happen for you to sell it.

I mean, the price can, of course, as my dad said, anything can be priced too high.

But I mean, really recognizing what you have is really important.

And also recognizing that we have a huge tendency to want to act.

And so sitting idle on something for decades and decades is really hard.

But then, contrarily, those things are extremely rare.

So most things are not that.