Fat Pitches
#patience
Ted Williams, baseball's last .400 hitter, divided the strike zone into 77 cells and only swung at his "best" ones. Charlie Munger applies this to investing: watch countless pitches (investment opportunities) fly by, waiting patiently for that rare "fat pitch" – slow, straight, and in your sweet spot. Then, swing with all your might. This approach works whether you're naturally gifted or not. The key is resisting the urge to swing too often, while also being ready to bet big when the odds are in your favor.
As Munger says, "You stuck to your principles and when opportunities came along, you pounced on them with vigor.”
99% of your life is wasted. All investors will tell you the same thing: the most powerful force in the universe is compounding interest. When you find the vehicles that compound, go all-in. Stop wasting your time. Instead, let your time work for you. In your relationships, work, learning, and creative efforts, put all your energy into the vehicles that compound. As you continue to get exponential returns, your quality of life will grow with them. Anything that cannot be a vehicle that compounds is a distraction. Disconnected from the energy and discipline of your future self.