Unfortunately, even thorough and intelligent plans will sometimes end up in the trash heap because investors lose heart when their strategy appears to not be working. One of the keys to disciplined investing is acquiring a strong understanding of sound investment principles.

Investors who do so won’t make the mistake I refer to as confusing strategy with outcome. In a world where there are no clear crystal balls—just uncertainty—a strategy is actually either right or wrong even before we know the outcome.

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