It’s strange how, in the world of Investing, doing nothing is often the most productive thing you can do. We’ve all been there, sitting in front of a screen, watching the red numbers tick away, feeling our fingers itch to “do something” to save our hard-earned money. But if my three decades in the markets have taught me anything, it’s that the markets are adept at shaking people down right before real profits are made. When I look at long-term charts of the S&P 500 or total real market returns dating back to the 1900s, the message is loud and clear: time is the ultimate filter. It filters out noise, politics and short-term panic. For a value investor, the goal is not just to find an undervalued gem; All it takes is the stomach to hold on when everyone else is running for the exits….
