One of the concepts that we think about quite often as investors is the idea of aggregating marginal gains. The theory, briefly explained, is that the best way to enhance odds of success is to continuously rip apart your process and see what can be improved, even if only by 1 percent. When you accumulate enough of these marginal gains over time—one percent of efficiency here, two percent there, etc.—the results can be dramatic; especially relative to your peers or competitors. Even better, if you apply the process continuously, marginal gains can accumulate exponentially.
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