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Chris Mayer discusses his research on stocks that returned 100x. The common traits: small starting size, high returns on capital, long runway for growth, and — most critically — shareholders who held through enormous volatility without selling.
Canon
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Mayer argues that the path to 100x returns requires radical acceptance of the Stoic dichotomy: you cannot control stock price movements, analyst opinions, or market cycles. You can control one thing — your decision to hold. And that one controllable variable determines whether you earn 100x or 3x.
Highlights
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The hardest part of earning a 100-bagger isn't finding it — it's holding it through the 50-60% drawdowns that every 100-bagger experiences along the way
Mayer's research shows that every 100-bagger experienced at least one 50%+ drawdown during its journey from 1x to 100x. Amazon dropped 94% in 2001. Apple dropped 82% in 1997. Netflix dropped 77% in 2011. Monster Beverage dropped 75% in 2008. The investors who earned 100x were the ones who didn't sell.