Most of us, most of the time, make decisions incrementally. We don't blow up our lives — we make small adjustments, trying to improve our circumstances bit by bit. But some people, at some point, feel the urge to do something dramatic: quit a job without another one lined up, leave a relationship, move to a new city where they know no one.
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The single greatest edge an investor can have is a long-term orientation. Most of the competition is focused on the next quarter; if you can honestly say you don't care about the next three years, you've already eliminated most of your rivals before the game begins.
Seth Klarman — Baupost Group Annual Letter
The difference between a good investor and a great one isn't the ability to find more opportunities — it's the discipline to do nothing when there are none worth taking. Most of the money in investing is made by sitting, not by acting.
Howard Marks — The Most Important Thing Illuminated
The one thing I would say is that the optimal amount of hassle and stress is not zero. Eliminating all friction is often the goal, but a life or portfolio with no friction is also one with no growth, no learning, and no resilience. The question is which frictions are worth tolerating.
Morgan Housel — The Collaborative Fund Blog