Words to Remember
On The Discipline Of Doing Nothing 🪑
“The big money is not in the buying and selling, but in the waiting.”
Why we ran it
The Russell 2000 had beaten the S&P 500 for 14 straight sessions, and a week earlier 40% of readers had voted to wait for a pullback in gold that never came. Munger's line is the case for sitting through leadership changes instead of chasing every one.
From the January 23, 2026 issue: The Small Cap King Is Back →