Deserving It

Ian Cassel Blog, Educational Leave a Comment

It’s frustrating watching investors get a better price than you when they did half the work you did. You did the work. You held on when no one else would. You deserve to gain the most for what you’ve been through. They don’t deserve it, but that isn’t how the world works. Timing and luck matter. 

Sometimes the most painful positions aren’t the ones that go down but the ones that go nowhere. Earlier this year, I realized a big win in the portfolio during the darkest days of the COVID-19 decline. I was in this stock for 3.5 years waiting and waiting and waiting. Then in one day it went up 300%. Literally, in one day. I guarantee that few people on this planet knew this business better than me and it went up for reasons I never foresaw. 

A few weeks before the stock took off, I mentioned the company to a buddy of mine. He spoke to management and bought a slug of stock 30% below my cost basis. Not only did he make more than me in just a few weeks, but he exited at a higher price. I called him the day the stock rocketed, and he hadn’t even realized the stock was up. This gentleman has a net worth 20x mine and it just wasn’t even a priority to even care about it. He ended up waiting until the next morning to sell when the stock was up another 100%. 

The experience made me laugh because I’ve always felt you need a certain degree of complacency to get a multi-bagger. You need to do the work but at the same time YOU CAN’T CARE TOO MUCH. When you need something to happen it rarely does. You need to give your positions and yourself room to breathe. When you hold onto something too tight you will never be able to let them take off. Stocks rarely perform in the time frames we predict, and it’s why the market only works for investors that have patience.

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