Master Investors on Patience

“In my free time, I listen to some old Wall-Street Week TV shows (I keep quite an extensive personal archive). In 1996, Louis Rukeyser interviewed the legendary Philip Carret and asked him what was the most important lesson of his 75 years of experience. Carret answered just one word: “Patience”. Francois Rochon

“The key rules are don’t swing the bat unless it’s a slow pitch right down the middle of the plate, and don’t be bullied by the market into doing something irrational, whether buying or selling. This may sound obvious or clichéd to some, and perhaps confusingly ironic to others, but the ability to sit and do nothing may be the most rare and valuable investing skill of all. Inevitably, extreme price dislocations occur that create real opportunities for action, and only the patient and prepared investor can recognize such ideal situations and take full advantage.” Chris Mittleman

“I think the record shows the advantage of a peculiar mind-set – not seeking action for its own sake, but instead combining extreme patience with extreme decisiveness” Charlie Munger

“Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it’s time.” Charlie Munger

“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up” James Rogers

“I like to be very patient and then when I see something, go a little bit crazy.” Stanley Druckenmiller

“The big money is not in the buying and selling … but in the waiting” Charlie Munger

“The single most important skill for being a good investor is to be very content with not doing anything for extended periods and that’s perfectly fine” Mohnish Pabrai

“Our success rests on having the discipline to wait patiently for opportunities to present themselves and then having the courage to run towards them when everyone else is running away” Steve Leonard

“Legendary investor Peter Lynch always emphasized the importance of being patient: “Frequently, years of patience are rewarded in a single year” Francois Rochon

“The beauty in this business is that there are just hordes of future opportunities waiting and some of them may be huge if you’re patient. And I think Ben Franklin summed it up well: “He who has patience can have what he will” Frank Martin

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