An important thing about this topic is that most great things in life — from love to careers to investing — gain their value from two things: patienc… - Morgan Housel

most great things in life — from love to careers to investing — gain their value from two things: patience and scarcity. Patience to let something grow, and scarcity to admire what it grows into.

Mark Twain once said he knew he was a successful author when Kaiser Wilhelm II said he’d read every Twain book, and later that day a porter at his hotel said the same. “Great books are wine,” Twain said, “but my books are water. But everybody drinks water.” He found the universal emotions that influence everyone, regardless of who they were or where they were from, and got them to nod their heads in the same direction. It’s nearly magic. Guiding people’s attention to a single point is one of the most powerful life skills.

True success is exiting some rat race to modulate one’s activities for peace of mind.” I like that.

Same in investing. Cash is an inefficient drag during bull markets and as valuable as oxygen during bear markets