Letters
A letter on patience
To our partners, on how uncomfortable it is to do the right thing slowly.
Patience is easy to admire and miserable to practise. In the abstract, everyone agrees that long-term thinking wins. In the specific, when a holding has lagged for two years and the reason has not changed, it stops feeling like wisdom and starts feeling like stubbornness.
We want to be honest about that discomfort, because pretending it away is how patience quietly turns into denial. The difference between the two is evidence. Patience is holding because the reasoning is intact and the price is wrong. Denial is holding because selling would mean admitting a mistake.
We try to fall in love with the reasoning, never the position.
So we re-examine every holding on a schedule, in writing, as though we owned none of it. If we would not buy it today at today's price knowing what we now know, we sell, slowly and without drama. Everything else, we wait on. Thank you for waiting with us.
The views above are the firm's own and are provided for information only. They are not investment advice, nor an offer or solicitation to invest. Capital at risk; the value of investments can go down as well as up, and past performance is not a guide to future results.
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