if you treat the market as a truth machine in the short term you can only achieve mediocre results as a liquid fund / investor buffett/munger treat the market as an emotional drunkard that you should take advantage of (i.e sell when he’s delusional and buy when he’s depressed) much of investing is counterintuitive in this way CT, and much of wall st, doesn’t get it at all — they are almost entirely fixated on short term price movements so if you let CT or “the institutions” dictate what is valuable to you you are not going to create something great long term or make exceptional returns (absent getting extremely lucky or being an algo wiz with a huge team of phds behind you)