Warren Buffett stated, “the stock market is a no-called strike game. You don’t have to swing at everything – you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘swing, you bum’!”
Earlier in my career, this is one of the biggest issues that plagued me. There is considerable pressure to “do something”, especially when clients are paying you an advisory fee. Ironically, the advice may be to do nothing yet that is seen as doing nothing. The adage states, “patience is a virtue.” Unfortunately, we live in a world that has become dominated by immediate satisfaction. You can order from Amazon Prime and have your product the next day. Internet speeds are off the charts. Shockingly, people still expect to lose weight instantly if they start a diet program.
Investors must learn to avoid instant gratification. Be patient and wait for your pitch – you’ll enjoy the game more.