How to hold compounders

1. Think of stock ownership as a percentage partnership in the business
2. Good businesses with strong revenue growth and high profit margins will seldom come cheap at a discount, you will get them expensive
3. Focus on moats 
4. Keep time on your side, a great business with >20% revenue growth may start to look like a bargain after holding for 2 years
5. Dont sell the stock if it reaches a certain price
6. Keep re-evaluating the moat erosion or new moat creation and not the stock price
7. Double down on future discounts
8. Remember that you are always in the eight innings of a never ending game, as look as you can maintain that perspective, you will do well in the long term
9. Remember the price can go higher than you can imagine when there is irrational exuberance.