Livermore said, “Making big money has never been my idea—it’s been my sitting. Got it? Just wait patiently!”

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
“There’s a typical Wall Street fool who believes he has to be trading all the time.”
There is the Wall Street fool, who thinks he must trade all the time.
Munger said, “The secret to making big money isn’t buying and selling—it’s waiting.”
The big money is not in the buying and the selling, but in the waiting.
Livermore is a full-fledged speculator and the patriarch of trend trading; Munger is a value investor. Yet on this iron law of patience and restraint, the purest value school and the purest technical school arrive at the same destination.