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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