WAITING (part 2) and “Is Investing for everyone?”
“If you are not ready to own a stock for ten years, you shouldn’t own it for 10 minutes” Uncle Warren says. As I have said previously, too much of a good thing is a wonderful thing in investing. But good businesses are really hard to find. That’s why when you find one, you’ve got to seize it. And stick with it as long as it remains a trusted partner, a best friend, and serves you well. It must also be understood that while you are the owner of this wonderful piece of business, its price will fluctuate, regardless of the intrinsic value of the business itself. Be patient, your reasoned choice will pay off. Keep reminding yourself of that in moments of doubt, when you’re tempted to offload it so you can buy ‘more’ at a discount.
Investing can be for everyone, but with one condition: you have to be ready to do the extra-work. Make an effort to become more disciplined. Every single day. Reading, studying, and planning out investments shouldn’t be annoying or overwhelming. It has to become a part of you, a second-nature. It shouldn’t vex you or cause you pain. Conversely, it should be a world in which you feel completely free to create; your own personal canvas where you get to paint using your unique colors. Pursuing wisdom and knowledge is the ultimate goal in your art. Being willing to learn and success will make you pick the right colors, the ones that are good for your soul and your wallet. “Nothing is forced upon you” says Warren. If you are not inspired, you don’t have to paint anything. Just like in jazz a good silence can become a wonderful piece of improvisation. It’s okay to wait patiently until you feel sure that you can bring something to the table, “and then you swing”. It doesn’t mean you have to know everything. Absolutely. But you really have to know what you know. More importantly, you have to know what you don’t know, and that there are things that you simply don’t understand or are able to put in practice.
Patience, perseverance and time will tell if your “facts and reasoning” were right. And they will show you that you can invest and make a profit if you like learning and you don’t give up. Again “You don’t have to win in every game” says Buffett. You’ll find your way. Learning from the greatest investors will give your reasoned choice the opportunity to adjust itself while you gain experience making your own decision. With time and patience, you’ll discover how to put your own twist on others’ ideas.