"The big money is not in the buying and selling, but in the waiting."
— Charlie Munger
The Big Money Is Not In
The big money is not in the buying and selling, but in the waiting.
About this quote
Munger made this observation in various investment conference remarks, and it complements Warren Buffett's related aphorism about the stock market being a device for transferring money from the impatient to the patient. Both men argued that temperament — the ability to hold a quality investment through volatility — is more important than intelligence in long-term wealth creation. Munger grounded this view in his study of how compounding rewards patience over active trading.
Source
Attributed, from investment conference remarks
