Lesson 5: Starting early beats starting big.
Same $300 a month, same returns. Starting at 25 instead of 35 more than doubles the end result.
Time does most of the heavy lifting.
Lesson 4: Keep it simple.
Terry Smith sums up his whole strategy in three rules:
Buy good companies
Don’t overpay
Do nothing
The last one is the hardest.
The best margin of safety over the long run isn’t the price you pay. It’s a durable competitive advantage that lasts for decades. That’s what quality investing is all about.
What if you bought every time CNBC panicked?
S&P 500 one year after every “Markets in Turmoil” special (2010–2022). Positive every single time.
Only covers a long bull market, but the lesson holds: scary headlines are rarely a great time to sell.