- Random Words: The Investing Unscripted Newsletter
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- On Patience
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Jeff’s Random Words
The less I do, the better my portfolio does.
I could end this post there; that’s kind of the thesis. But there is more to say. I mentioned recently on the podcast that I’ve found myself in no rush to buy stocks lately. I’ve also had no urge to sell. I open my portfolio-tracking spreadsheet less often. I’ve found it more of a chore than energizing to read through earnings results. Some of this could be that I’m busy, or that this is the natural part of maturing as an investor. I think it’s something else.
The market is hot. Stocks are expensive. I’m just not in a rush to invest right now. The logical part of my brain has always kind of been here. When I don’t see many values (at least in the universe I know and research) then that’s probably a decent time to just be patient and build up some cash.
Nobody knows when the next market downturn will come, but there is one coming. They happen more often than you think. Maybe I’ll be more prepared next time the tides turn and make some buying decisions that will benefit me the next time the market is in a big run.
Now back to my thesis.
My portfolio has done well lately. Yours likely has too. I can take very little credit for my portfolio’s performance. Sure, I’ve done my best to buy good companies at good prices, but the heavy lifting is being done by the market right now.
What I will take some credit for is not getting in the way. I’ve not traded in and out of positions, trying to react to every market gyration, and I think that has served me well.
Now, if I am being honest, there’s no guarantee I stay this patient. I have a tendency to declare some new state of being and then quickly violate it (remember my self-promise to sell no stocks in 2024?). But the way I have felt lately is a new experience.
Patience, laziness, distraction. Call it what you want. I hope this is the next step in my investing journey and not just a short-lived detour.
Jeff
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