Jim Rogers and the value of patience in investing

If you haven't read the Jim Rogers interview in Market Wizards, you should do so immediately. It's a really good primer on a) sticking to your knitting and b) being patient. Jim Rogers co-founded the Quantum Fund with George Soros and retired before Soros became a household name. These two were an unstoppable paring; Rogers was the analyst and Soros did the trading. These guys invested in everything everywhere; they were global macro before the term came into vogue.
Rogers invests with conviction. He finds a cheap sector, studies the hell out of it, and then waits. If nothing looks good, he'll park his money in Treasuries. As he puts it, he"waits until there's money in the corner to pick up." It sounds simple, but it's hard, really hard. Most of us have to put in a order. We love the action, the sense that we are doing something brilliant that we can then brag about on message boards or to our friends. Activity is the enemy of the true investor. Warren Buffett has often said that he wouldn't care in the stock exchanges closed down for a few years. He buys a business, not a stock certificate.