When cognition falls behind the market, learn to follow; when cognition leads the market, learn to wait. Following is to narrow the gap between cognition and reality; waiting is to let reality catch up to cognition. Because cognition and reality rarely align. Those who fall behind lose because they can’t see; those who are ahead lose because they can’t afford to wait. The truly scarce ability is not to see how far ahead, but to keep patience even after you’ve seen it—until it happens.

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