Investing isn’t just about looking at the results—results are often retrospective. What’s important is the accuracy and long-term compound annual growth rate, as these directly determine whether funds can grow through compounding over time. Any significant permanent loss of principal will immediately break the compounding growth curve. The key to high accuracy lies in whether the asset itself is sufficiently antifragile. Monopoly power (multi-dimensional compound competitive advantages) is the main source of antifragility. High long-term compound annual growth rates come from whether the asset itself has enough growth potential—essentially, whether there’s a large enough total addressable market for the asset to grow exponentially. Both of these judgments should be made before investing. If you ignore these and only focus on investment results, it’s like putting the cart before the horse or climbing a tree to catch fish—it’ll be hard to keep your funds on the long-term compounding growth curve.