Today I had an epiphany

My epiphany is.......... patience. :eek::D

Pretty boring but I tell you what its my new investing secret :p

If I'd known you were looking ...............

The IM-patience of so many here shocks me. And most have so much time to achieve their goals, they could slow down a little.
 
Like Buffet says, when there's nothing to do, do nothing.
It's hard for many to do, yet, like you say, it can be a powerful strategy.
I know a lot of people who, when confronted with an opportunity to sit and wait for time and compounding to do it's magic, they get bored or frustrated and start going to seminars to learn new "cash flow secrets" or "Forex trading secrets" and before they know it, they've burned the gains they made in their core investment strategy.
 
My epiphany is.......... patience. :eek::D

Pretty boring but I tell you what its my new investing secret :p
Okay, I like it but it makes me want to ask more questions:

* So how are you going to work it into your investment strategy?
* How will your patience move things along now that wouldn't have before?
* What can you do to help you get through the "boring" bits?
 
Jesse Livermore, the greatest stock TRADER ever (Buffett is an investor) wrote of this in Confessions Of A Sock Operator (he didn't actually write it). So if "doing nothing" is sometimes a useful strategy for a stock trader then others could also use it, methinks.

Anyone want to buy my tinnie? I should use it more often. :D

Edit: Shouldn't trust my memory. It is:

Reminiscences of a Stock Operator By Edwin Lefèvre,

http://books.google.com.au/books?id...resnum=1&ved=0CAkQ6AEwAA#v=onepage&q=&f=false
 
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I once read:


The stockmarket is an efficient vehicle for transferring wealth from the impatient to the patient.​
 
I've met alot of elderly gentlemen out here in the industrial backblocks, many of them Greek and Italian, and without fail, one of their strongest tactics when things go awry is to sit and do nothing. Minor blow-ups and crises seem to just disappear if they spend 6 or 12 months ignoring "the problem".

Obviously this isn't an elixir for everything, but it sure does work for most things. Owning good properties that they purchased for a song back in the mid 60's gives you that unique time perspective, where nothing is a drama anymore. Patience - they have truckloads of it.
 
Like Buffet says, when there's nothing to do, do nothing.
It's hard for many to do, yet, like you say, it can be a powerful strategy.
I know a lot of people who, when confronted with an opportunity to sit and wait for time and compounding to do it's magic, they get bored or frustrated and start going to seminars to learn new "cash flow secrets" or "Forex trading secrets" and before they know it, they've burned the gains they made in their core investment strategy.

I won't admit to doing this but too many seminars i've attended teach that you can have it all now theory that only a few achieve if any. Jan S idea's of slow and steady wins the race is a far more realistic and the ability to consolidate and multiply over the years as opposed to risking life and limb to cross the line tomorrow!!! this is a lesson I've learned the hard way. But none the less I consider it done.



* So how are you going to work it into your investment strategy?
* How will your patience move things along now that wouldn't have before?
* What can you do to help you get through the "boring" bits?

Focus on increasing equity and cash resources then buying when the time is right for me. Not just racing to accumulate and regretting the stress and poor quality of life its introduced me to. I still have my goals but I've tried the developing path and with the little security behind me its not a great option, so I'll buy add value and let it grow. As the time arises I'll buy again and again with the add value process.

I've re addressed some personal issues and chosen to take the slow and steady path for 5-10 years building a strong base and allow time + value adding to increase my portfolio. I'll happily to more duplex's or commercial but when the time is right and not when its stretching my means, Oh and not to use massive LVR's as I was caught trying to refinance last year and its not a trap for the faint of heart. Unless you have big cash/salary I won't count on the banks for "help" again.

The boring bits will be taken up with a busy and enjoyable family and work life + a new business venture that I'm currently writing the business plan for. I guess the last two years has shown me the value of what i have and the need to be patient with the goals I'm trying to achieve. Nothing is guaranteed in life and the best plans or projects can still cost you BIG. I'm content in my ability to get to where I want to be, I've just changed my attitude to include a more reasonable timeframe and approach.

No point being the richest man in the cemetery -------
 
I tell people who ask me that I'm using a 'get rich slow' strategy. I originally figured if I bought a bunch of properties (8) that can pay for themself, and contribute to shares each month, that in 20 years or so I should be pretty well off.

I've now been investing 5 and a half years, have my shares ticking away in the background, and own 7 of the 8 IPs I think I need. One more IP next FY, then sit back for 14 years and wait for time to do its thing.

I'm pretty happy with things as they are. I can enjoy life and let the properties grow over time.
 
yes patience , it seems to work better for the more mature folk , the young guns have yet to learn this skill, very much reminds me of the old joke about the young bull and the old bull, i'm sure most of you have heard it.:rolleyes:
 
That's one of the best jokes I ever heard. First heard it on that movie 'Colors'.

I couldn't remember the joke until you dropped the colors line...... then Sean Penns character just popped into my head hahahaha such a great line and very fitting for the Patience topic for today
 
yes - my lesson this lifetime around is to learn patience. not doing a very good job so far so the universe keeps kicking me up the rear to remind me to be patient.

the biggest losses i made were when i was being impatient and trying to push the financial envelope to quickly.

although, it is hard to be patient after going thru a messy divorce and having to start again with nothing mid-way thru your working life. both hubby and i had to do this so feel a bit like wanting to play catchup.

patience grasshopper - patience
 
Powerful Message !

So true guys !
Well said Andrew ! :

"I won't admit to doing this but too many seminars i've attended teach that you can have it all now theory that only a few achieve if any. Jan S idea's of slow and steady wins the race is a far more realistic and the ability to consolidate and multiply over the years as opposed to risking life and limb to cross the line tomorrow!!! this is a lesson I've learned the hard way. But none the less I consider it done. "



-We as humans seem to get this anxious thing rearing its head pretty regularly.
As the others said i reckon to be content along the journey is really important.
I have made that mistake my self previously -Removing equity to try and build more too quickly!
 
I've met alot of elderly gentlemen out here in the industrial backblocks, many of them Greek and Italian, and without fail, one of their strongest tactics when things go awry is to sit and do nothing. Minor blow-ups and crises seem to just disappear if they spend 6 or 12 months ignoring "the problem".

Obviously this isn't an elixir for everything, but it sure does work for most things. Owning good properties that they purchased for a song back in the mid 60's gives you that unique time perspective, where nothing is a drama anymore. Patience - they have truckloads of it.

Good point Dazz.

I wonder if some young wipper-snapper in 30 more years will be talking about us old blokes who "bought properties for a song back in the late nineties and nought-ies". :D

I was talking to a friend yesterday about the price of blocks of land in Dromana back in the old days (fifties?) - $50 pounds for a block. It was expensive back then though.
 
yes i think they will , i tell my apprentices about our first at 95k and my dad talks about his first at $11k , so i expect our kids telling their kids they bought there first at $900k and thinking WOW!!!:D
 
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