It’s funny — in a way the entire Capital Expertise series was really a way for me to sneak this insight right in the middle, and just for members.
And it’s not really an insight — it’s so obvious once you understand it that you should be able to see it everywhere.
Buffett or Munger (I can’t remember which of the two) once said that there was never any doubt in their heads that they would get rich. They’ve also said that they were always willing to wait for it. Given the context of this essay, perhaps it’s easier to see why.