Art history students at Harvard University almost always have a boring first day. Their task is to go to the local museum, choose a favourite piece of art, then sit down and look at it – for three full hours.

The purpose isn’t to encourage concentration, instead, wants students to feel the restlessness build, accept it, and push on-wards – whereupon they see things in the art that their passing glances missed.

In investing, as in the art world, patience is rewarded.

Warren Buffett likes to say, investing is a no-called-strike game. There’s no penalty for sitting on the sidelines other than opportunity cost, so it’s better to patiently wait for the 'fat pitch' with a wide margin of safety.

For those who shun a 'buy and hold' philosophy, brokerage fees can quickly bite into their returns.

To paraphrase Jesse Livermore, it's not the buying or selling that matters – the big money is made in the waiting.