If I could impart the most important lesson that I have learned to date in business and investing, it would be: “patience.”
Warren Buffett has been quoted as follows: “the financial markets involves the transfer of wealth from the impatient to the patient. “Â How true this is.
What is worth doing is worth doing well and usually takes time to implement and work. There are no shortcuts, however much every late night information marketing genius would like to tell you about for three easy installments of $39.95.
The wealthiest investors and business owners that I know do not chase after quick and easy profits. They don’t go for projects with marginal proforma profitability and based on heavy leverage. They don’t take risks without commensurate reward.
When business and market conditions are tough and getting tougher, like they are now (and have been before) the route to take is patient, intelligent and rational. Knee-jerk reactions simply won’t do much good for your net worth. Unfortunately (or fortunately for some), most people will jump in and out of investments and projects, will push prices to and fro with their actions and open up opportunities for patient and rational investors to grow their wealth.
Keep watching for bargain investment opportunities to fall out of the sky. Assets are going to continue to go off at ‘fire sale’ prices as the collective global economy “de-leverages” itself and purges the remains of the great credit hangover.
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I’m going to be launching another blog in the near future that is going to focus more on the financing aspect of my businesses and more of my personal interests and thoughts in that arena. I will continue to post on this blog as regularly as I can, but it will be more of a general business and investing commentary and writing focus.
Stay tuned!
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