Patience and Discipline: Redefined

Author Nick Murray notes the two essential attributes of a successful investor as patience and discipline. I think Nick would agree that these two traits would be found not just in effective investors, but also in those who have achieved success in any significant endeavor. Without a foundation of discipline and patience, talent, luck and timing simply don’t go very far.

What I found of particular interest was Nick’s definition of these two attributes. He defined patience as the resistance to reacting and discipline as the persistence in proactively continuing to act in an appropriate and necessary manner. Although Nick was referring to investing, I think we can borrow those definitions for much broader use in many areas of our lives.

Patience protects us from rash decisions. It prevents us from being pulled off course, from going down rabbit trails. It’s our inoculation against distraction and mistakes. Patience also sets the stage for discipline.

While patience helps us avoid taking the wrong path, discipline keeps us slowly but surely moving ahead along the right course. It’s what causes us to strategically plan and execute the right actions, so we aren’t so easily swayed by temptations to react impulsively.

In the tale of the Tortoise and the Hare, our little reptile friend clearly illustrates both traits. He patiently avoids the distractions along the race that entangle the hare, while deploying discipline to keep moving while the hare naps. While they may not be glamorous, discipline and patience certainly are effective.

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