In markets, action feels right. But patience builds wealth.

In a 1989 interview with Outstanding Investor Digest, the American investor Walter Schloss shared a remarkable story about his lifelong friend, the legendary investor Warren Buffett.
Schloss recounted that one day, Buffett was playing golf at Pebble Beach with Charlie Munger, Jack Byrne, and another companion. During the game, one of them proposed a bet:
“If you can get the ball into any of the 18 holes in one shot, I’ll give you $100,000. But if you miss, you only pay $10.”
Most people, placed in Buffett’s position, would accept this bet. The logic seems obvious: the downside is trivial compared to the massive upside. Losing $10 is meaningless for someone of Buffett’s wealth, while the potential gain is enormous.
But Buffett refused.
When asked why, given that the maximum loss was only $10, Buffett responded with a principle that defines his entire investment philosophy:..... Continue Reading Article 🔗: