I am feeling really discouraged

that’s not only discouraging but it makes me feel that I truly don’t know what’s going on… I wonder if that’s a sign of a bottom? :grinning:

it’s been quite a while since I’ve seen that, and the last time you expressed such a sentiment, we went on to have a 6 year bull run where investors like you and Bear managed to 10x your capital :slightly_smiling_face: So perhaps you’re right on the bottom

I have the same sentiment that I did back then, lumpy returns (I said 20% back then, but you’re doing far better than that annually) is better than a more predictable and smoother curve but lower total returns. Our companies might be out of favor at the moment, but at some point the market rotations will be back to high quality growth again, and in the meantime revenue will continue to grow 30-60% each year.