The Money Blueprint - Part 5 - Patience in Long-Term Investments


Manage episode 151202759 series 1019974
โดย Daniel Pecaut, Daniel Pecaut: Featured in New York Times, Money Magazine, and Omaha World-Herald และถูกค้นพบโดย Player FM และชุมชนของเรา -- ลิขสิทธิ์นี้เป็นของผู้เผยแพร่ ไม่ใช่ Player FM โดยมีการสตรีมเสียงโดยตรงจากเซิร์ฟเวอร์ผู้เผยแพร่ กดปุ่มติดตามเพื่อติดตามการอัพเดทใน Player FM หรือวาง URL ฟีดนี้ไปยังแอพพอดคาสท์อื่น

In this episode, I continue to discuss patience in more depth.

Understanding patience is the third lesson that's absolutely essential (in addition to Ownership and Don’t Lose) if you're going to be an entrepreneurial investor and active in trying to manage your affairs.

Moliere said, "The trees that are slow to grow bear the best fruit."

As I reflect on the lessons I've learned over the past 34 years, it becomes clear that everything of value is in service to maximizing the process of compounding wealth.

The trick with compounding is that it takes time and it’s a matter of delayed gratification. So patience is essential if you're going to be an entrepreneurial investor and actively trying to manage your affairs.

A farmer would find it ludicrous to run out, dig up the seed every week to see how it's coming along. As long as inputs such as soil, sun and water are adequate, he knows the process will bear fruit in good time. There's no hurrying mother nature.

Similarly, the world’s wealthiest individuals are business owners. They would find it silly to check on the stock price of their business every hour on the hour. As long as inputs such as, a good business model, good owner/managers, adequate capital are in place, they know the process will bear fruit in good time.

To succeed, the farmer and the investor must have some measure of patience.

The patient mindset wants to wait for the good opportunity that's clear and cheap. If it takes time, that's okay. As Charlie Munger says, "Successful investing is a matter of controlled greed.”


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