Subject: Re: What are we missing?
“If you can’t stomach 50% declines in your investment, you will get the mediocre returns you deserve.” --Charlie Munger

I believe Charlie is right, and indeed, in 2008 I watched my IRA go down 50%. I sat tight, bought some things like BRK, and now it has rebounded more than ten fold. But that was 2008 and at my current age I really don't want to sit out a 50% decline, and mediocre returns will let me live out a better than mediocre life. I'm not too concerned about being right twice. I hit it right in 2009, and I've done a lot of selling recently, which will be close enough to right for me. Not that I'm out of BRK, I'm still sitting on a big chunk of it and my cash holdings are very close to what WEB himself is allocating.