Making decisions with imperfect information is the norm for professional investors. It isn’t just connecting dots; it is seeing the picture with only a few of the dots in the first place. Experience and intuition help fill in the missing spaces. The more experience, the better the intuition. It’s often a realization that you’ve seen this before.

If one waits to find all the dots, markets have already acted upon the information. Late is no profit or maybe a big loss. Seeing the picture and understanding its ramifications is what successful investing is all about.

After decades of connecting dots, we think we are pretty good at it. We are comfortable that we can fill in the missing spaces accurately before the opportunity evaporates.

It’s all part of being the Lonely Bull.