About this quote
- Attributed to
- Eddie Lampert
- Attribution status
- As published
Photo: Arild Vågen · CC BY-SA 4.0 · source
What would patience look like in your portfolio this month?
Review one recurring expense and decide to keep, cut or renegotiate it.
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More from Eddie Lampert & related wisdom
Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don’t need? If you are already rich, there is no upside to taking on a lot more risk, but there is disgrace on the downside.
Markets are fundamentally volatile. No way around it. Your prolem is not in the math. There is no math to get you out of having to experience uncertainty.
Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.
In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.