One of my all-time favorite quotes is:

“Your rate of return is less important than not getting wiped out”

-Charlie Munger

This is a powerful statement that underscores the value of letting time work for you vs trying to get rich quick. Every time you get wiped out you are reset to $0 (or worse) and the clock is reset for your investment progress.

The real key to successful investing is minimizing your losses. Even a modest rate of return adds up to a significant amount of profit when compounded over a period of time.