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The actual quote may be less memorable, but it’s more revealing. Munger wasn’t just talking about waiting; he was talking about our inability to wait. This distinction is crucial because it points to one of the fundamental challenges all investors face—the constant urge to ‘do something’ with their investments.
We live in an age of instant gratification. Our phones buzz with notifications every few minutes; we can order anything we want and have it delivered within hours; and we can transfer money or trade shares with just a few taps on the screen. This environment of constant activity and immediate response has created a peculiar perception about investing—that success in investing must also require continuous activity.
Nothing could be further from the truth. The reality is that good investing is more about temperament than technique. It’s about having the emotional discipline to stick with your investments through market cycles, economic uncertainties, and the endless parade of ‘urgent’ news that demands immediate action.
Consider a simple example. If you had invested in a basic index fund tracking the market 20 years ago and simply held on, you would have multiplied your money several times. This return wouldn’t have come from clever trading or timing the market. It would have come from participating in India’s economic growth over two