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The odds generally favour the long-term view.
If you like a company, and you think they'll make money, and they are going to be around for another 20 years, you are destined to make a profit.

The funny thing about this game is that, good as it is to see the price of the 'perennials' go up (eg WOW, WES, WDC) you have to learn to hate this situation, because it becomes tougher to add to your position.

Conversely, when the market takes a dive, and you see the value of your portfolio decline, you have to learn to appreciate the opportunity to buy good assets at better prices.

Its a game for cool heads.