3min chapter

We Study Billionaires - The Investor’s Podcast Network cover image

TIP545: The Third Sea Change Has Begun w/ Howard Marks

We Study Billionaires - The Investor’s Podcast Network

CHAPTER

The Importance of Patience

I think I sometimes know what's going to happen but I'm proven enough to know it's not going to happen on my timetable. In Japanese aesthetic terminology, for example, there's a word called Mujo and UJ talked that literally translated the turning of the wheel of the law. We have to accommodate ourselves to a world in which those things are true. The great Peter Bernstein once wrote me a letter. He said the market is not an accommodative machine. It won't give you high returns because you need the market and the environment will not accommodate you. You have to make adjustment. And humility is a really important thing, especially in the market, which humbles us all the

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