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Because you know nothing for a long time. You think you know something, but you really don't. I used to think the same thing you do around 1-2yr mark, and then after I crossed 5yr mark I realized I completely miscalibrated risk (made money in a lot of stuff in hindsight I didn't deserve to and lost money in a lot of stuff which was a consequence of knowing nothing but overestimating myself). Risk is the key nuance which takes a long time to really understand, you have to live thru it as I can explain till the sun goes down but you won't understand until you've been in the driver's seat

LO has a long time for investment cases to play out, often 5yrs or so....so you get fewer reps vs. L/S where you're seeing 30-50 theses play out a year. In LO you might only see a handful really play out per year. Fewer reps = more years 

 

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