“An investor should act as though he had a lifetime decision card with just twenty punches on it.” Warren Buffett.
“The success of Berkshire [Hathaway] came from two decisions a year over 50 years.” Charlie Munger.
Jumbo Interactive (ASX:JIN) is an Australian online lottery seller. It has a simple enough business model, yet it was the complete opposite of BPF in terms of its moat and the impact to my portfolio. It is (still) one of my best investments. The reason why it was misjudged by the market was due to 2 main reasons: internal short-term woes AND a misunderstanding of the strength of its business model.