# Buying growth stocks requires patience; don't be scared away by short-term Fluctuation.

The most painful lessons in investing often come from "seemingly wrong" decisions. I once sold my Amazon stock because I hated Amazon's Fire Phone—resulting in missing out on a 14-fold increase. That project I laughed at was indeed a failure, but Amazon wasn’t deterred by failure; instead, it continued to experiment: cloud services, Whole Foods, advertising business... in the end, they all became money-printing machines.

**Key Learnings**: For founder-led companies, it's important to give management enough room for trial and error. Short-term "bad ideas" can be stepping stones to long-term success.

This lesson was validated with TransMedics(TMDX). After I bought in 2023, the company suddenly acquired an airline - my first reaction was "this will drag down the profit margin". The market thought so too, and the stock price halved. But I didn't sell.

Two years later, it slapped back: this aviation network helped the company establish a national organ transportation system, doubling the volume of transplant surgeries and actually increasing the profit margin (the free cash flow margin skyrocketed). In the latest quarter, transplant revenue increased by 32%, logistics revenue rose by 35%, and the net profit margin reached 17%.

The founder's vision is gradually coming to fruition - expanding from 3,000 units to 10,000 units, and also venturing into kidney transplantation and international markets. There will definitely be new "bad ideas" emerging, but this time I choose to believe.

**Heartfelt Summary**: Missing opportunities is scarier than making wrong decisions.