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Successful investing requires discipline and patience from "summary" of The Four Pillars of Investing: Lessons for Building a Winning Portfolio by William J. Bernstein
Achieving success in the world of investing is not for the faint of heart. It requires a great deal of discipline and patience. Without these essential qualities, one is bound to fall prey to emotional impulses that can lead to costly mistakes. Discipline is the ability to stick to your investment strategy even when the market seems to be going against you. It means having the fortitude to resist the temptation to buy or sell based on short-term fluctuations in the market. This is easier said than done, as the constant barrage of news and opinions can make it difficult to stay the course. Patience, on the other hand, is the ability to wait for your investments to bear fruit over the long term. It means understanding that investing is a marathon, not a sprint, and that significant gains are often realized over many years, not days...
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