Perhaps the greatest lesson from Warren Buffet's most recent letter to Berkshire shareholders is that, to be wildly successful, you only have to be right sometimes :
In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck.
Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire.
The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.
So-so decisions. Periodic moments of brilliance. And a long-term patient outlook. These are, I think, important things to keep in mind. It's okay to make mistakes; you just have to keep going.