Be Patient
Prefer to listen rather than read? Pair this post with Deliberate Money Moves Podcast: Be Patient.
I’m so glad that today’s culture has finally given a name to something that has killed many investors in the past. FOMO. When you hear about the fear of missing out, doesn’t it make you realize that this is something you should not be concerned with?
Do What Has Always Worked
Because we’ve finally named it, we can now begin to understand that it isn’t so scary. We can let others chase the shiny new things while we remain well-grounded in our Investment Philosophy, doing what has always worked over time.
We can continue to invest with our Long-Term Investment strategy in the great companies of the world while others chase immediate satisfaction. Through the years, there have always been the shiny new things and they have never been good investments over time.
Patience is a Virtue
It’s the patient investor who knows they have millions of human brains (the CEOs, the Boards of Directors and the employees) in their portfolio who are going to work every day to make her a profit.
That’s what works and we must be patient enough to allow all those people to navigate whatever crisis comes in the future. They have always won, and I believe they always will.
This is most important when the market drops. We know that holding on through those market drops is why we get paid a premium return in the long run. We know to be patient, and when the temptation comes, to say we have no fear of missing out! We will continue to do what works.