Value investing: What if patience isn't just a virtue?

The principles of value investing are well established: treat shares as fractions of businesses; understand them thoroughly to ascribe values and risks; use market fluctuations as opportunities; maintain a prepared mind; and wait patiently for the right moments. Yet whilst libraries exist on business valuation and value investing techniques, remarkably little has been written on how to develop and harness patience itself. The etymology of patience offers an intriguing insight. Derived from the Latin "patientia," the word originally meant the ability to endure pain a definition that pe...