In 2008, I had a lunch-cum-job interview with a very successful New York-based fund manager, who had made hundreds of millions of dollars from investing.
I asked him, “What has been the hardest part of your job?”
He said, “There was a time when for two years, I had nothing to do. The stocks were so overpriced in the bull market, that I could not make any investments.
“So every day, I would put on my suit and tie, come to office, and maybe meet a friend for lunch. Then I would go home.”
It might look like he wasted those two years. But that is what saved him as he did not fritter away his capital, and when the opportunity showed up, he was ready.
Sometimes, the hardest thing in the world is to be patient and just wait. Everything is impermanent and keeps changing. And someday your chance will come.
But when that chance comes, be ready — whether it means sharpening your skills or preserving your capital.
Play the long game. If you can combine patience with readiness, your success is pre-destined.
– Rajan