Patience As Buffet said the stock market transfers wealth from...

Patience

As Buffet said the stock market transfers wealth from the impatient to the patient

I break down patience into a few separate pieces:

1) the patience to let your winners deliver the goods over the long term (perhaps decade) - this is the 'Buffet' patience and refers to investing in large companies with great prospects - and long term growth - think Apple, Coke, Google...

2) the patience to see out your investment thesis - this maybe months up to a couple of years - this is about having a strong conviction that something particular will happen and not getting distracted - but remaining laser focussed and continually verifying your assumptions - this is what i have for DSE - I have a strong conviction it can get to $10 mill ARR in the next few months - when (and if) that is achieved i will then attempt to develop a second thesis to get to $20 mill ARR - if i can't see it then of course I would reconsider my options

3) the patience to stay out of the market until you have a 1) or 2) in mind