Sticking with what’s working happens to square with some of the most important wisdom on how to grow and remain wealthy: take a long-run view. Don’t overreact to noise. Be patient. Most of the time, do nothing. Though profound, this wisdom is incomplete. There is a fine but important line that divides patience from complacency. The two are outwardly indistinguishable. They both appear to involve doing nothing. And yet the one is likely to be associated with a superb long-term outcome. It enables the power of compounding to work its magic without the distraction of the ephemeral. The other is a potential disaster. It’s the lazy conceit that things moving in one direction tend to keep going the same way indefinitely. At no time in recent years has this subtle tension between patience and complacency been more acute for investors. Since the global financial crisis, stocks have soared…. Especially of late, the market is eerily quiet. Fantastic results with the appearance of little risk ...
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