The Geometry of Patience

Patience is often described as waiting. That is not quite right. Waiting is passive; patience is active. Patience is the ability to keep doing the right thing when the results are not yet visible. It is a form of faith, but it is faith in process rather than in outcome.

The geometry of compounding is non-linear. For a long time, nothing seems to happen. Then, suddenly, the curve bends upward. Most people quit before the bend. They mistake the flat part for failure.

The best investors and builders I know have a high tolerance for the flat part. They are not indifferent to results; they are simply more interested in the underlying truth. If the truth is good, the results will follow. If the truth is bad, no amount of impatience will fix it.