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Core Viewpoint - The article emphasizes the "Pareto Principle" in investing, highlighting that a small percentage of key decisions and time periods contribute significantly to overall returns, suggesting that wealth accumulation relies on making the right choices and being present during critical return periods [2][3]. Group 1: Value Investors and the Pareto Effect - Value investors focus 80% of their efforts on identifying the 20% of companies that possess sustainable competitive advantages, thereby ignoring short-term market noise and concentrating on long-term factors such as business model sustainability and cash flow health [3][4]. - The strategy of value investors is to accept periods of low returns while remaining vigilant for opportunities when high-quality assets are undervalued due to market panic [5][6]. Group 2: Long-Termism in Value Investing - Long-termism is a rational response by value investors to the 80/20 distribution, allowing them to maintain focus on enduring value rather than short-term fluctuations [6][5]. - The quote from Benjamin Graham illustrates that while short-term market movements are driven by emotions, long-term performance reflects true value, reinforcing the importance of patience in investment [5]. Group 3: Staying Present to Capture Returns - The article provides data on the S&P 500 index, showing that missing the top 20 trading days from 2005 to 2023 would significantly reduce annualized returns from approximately 7.42% to 5.5%, and missing the top 100 days could lead to near-zero returns [9]. - In emerging markets, the disparity in returns is even more pronounced, with significant gains concentrated in a small fraction of time, emphasizing the need for investors to remain engaged during these critical periods [9][10]. - The concept of "being present" is crucial for value investors, as it ensures they do not miss out on key moments when market prices align with intrinsic value [10].