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The good news is that time is the friend of the good company.

Not to pick nits, but Buffett's quote is that time is the friend of the wonderful company.

I guess the question is whether or not a roughly 10% annual increase in intrinsic value (while retaining all earnings) is good for you, compared to what you could reasonably expect otherwise.

For the "average" investor over the years you discuss, the answer is yes. I suspect for you in particular, the answer would be no. Antoher way of saying that is, why use the S/P 500 as your measure or standard of opportunity cost, if you historically beat the index.

You do historically beat it, do you not?
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