Patience and aggression

Commentary7 months ago
The investing world is full of paradoxes. Legendary investor Charlie Munger said it best at an interview with Caltech earlier this week:
"Good investing requires the weird combination of patience and aggression… and not many people have it.”
We think we have it at Titan. Let's explain why.
Aggression is what enables our winners to matter. It means having the conviction to take big swings when major opportunities emerge, and staying invested in winners even after rallies if the fundamental thesis remains intact.
For example, we launched in Opportunities in August after seeing a decade-long dislocation in quality small-cap stocks ripe for reversal. It has yielded 3 multi-baggers to date (APPN +196%, UPWK +157%, ROKU +126%). And we think there's a lot more growth ahead.
Patience means the exact opposite. It means being totally happy doing nothing at all if the risk/rewards you're presented aren't favorable - even if it seems like everyone else is minting easy money.
For example, we've only added 3 new stocks to Flagship this year because we struggled to find ideas better than our existing 20. We resisted the urge to "do something" while other investors tried to trade around COVID-induced volatility. Patience has paid off for our clients: our biggest YTD winners have been stocks we've owned for years (TWLO +271%, PYPL +118%, NOW +98%).
Striking the right balance between these opposing traits is no easy task, but our investment team is focused on doing it every day for you at Titan.
We encourage you to check out Munger's full interview at this link. It's a truly remarkable window into a mind that, at 96 years old, is still one of the sharpest in the business.

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