The Most Important Lesson of 2020? Patience.
Most people think investing is about money. That's obviously true, but it's not the whole story. Another, perhaps larger part of investing is about emotions -- yours and the emotions of others on Wall Street. In fact, if there's one key takeaway from pandemic-scarred 2020, it should probably be the importance of patience.
Benjamin Graham, the man who helped to train Warren Buffett and is generally considered the father of financial analysis, used an interesting metaphor to describe Wall Street. Paraphrasing, he said that investing was like working with a partner named Mr. Market. Every day Mr. Market would either offer to buy your half of the business or sell you his based on the mood he was in at that given moment. Some days he was too excited and some days he was too pessimistic, presenting opportunities for you to buy and sell at desirable prices.
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Source Fool.com
