60 - Opportunities are Rare: Go the Extra Mile

Mental Models discussed in this podcast: Carpe Diem (Seize the Day) Please review and rate the podcast If you enjoyed this podcast and found it helpful, please consider leaving me a rating and review. Your feedback helps me to improve the podcast and grow the show's audience.  Follow me on Twitter and YouTube Twitter Handle: @TreyHenninger YouTube Channel: DIY Investing Support the Podcast on Patreon This is a podcast supported by listeners like you. If you'd like to support this podcast and help me to continue creating great investing content, please consider becoming a Patron at DIYInvesting.org/Patron. You can find out more information by listening to episode 11 of this podcast. Show Outline The full show notes for this episode are available at https://www.diyinvesting.org/Episode60 Opportunities are Rare: Go the Extra Mile What do you do when you've identified a great opportunity? This is an opportunity that meets all of your requirements: High Quality Cheap Easy to Understand Durable business Predictable Do you buy it? What if you can't easily do so? What if your current broker won't let you buy it? Is it time to give up and move on? No. It's harder to find new opportunities than it is to go through some work and find a way to make the purchase happen.  Go the extra mile! When Warren Buffett wanted to buy small companies he sometimes had to go searching for the individual owners and convince them to sell. He went the extra mile.  What will you do? Summary: Investors can sometimes fail by not seizing available opportunities. When an investment opportunity meets your requirements you should go the extra mile if needed to make that investment. Opportunities are relatively rare. It is sometimes easier to put in additional effort to purchase the stocks you already have identified as worthy, then to find similar companies that meet the same high standard.