The most important part of investing is in the investor’s control: extreme patience.

It is also the hardest part.

The market is ultimately just a collection of people buying and selling securities, and these same people are subject to behavioral biases and personal incentives. This is why patience is a rarity and volatility is in abundance in stock markets. Volatility, to us, is not risk, yet investors act on short-term volatility as if it implies a significant impairment on the fundamentals of a business.