Words to Remember
Patience Is The Real Edge 🧠
“The stock market is a device for transferring money from the impatient to the patient.”
A popular paraphrase of Buffett's 1991 Berkshire Hathaway shareholder letter, which calls the market a relocation center at which money is moved from the active to the patient. The impatient-to-patient wording has no primary source.
Why we ran it
Wall Street opened the year with S&P 500 targets between 7,100 and 8,100 after three straight strong years, and the issue argued the forecasts are a compass, not a GPS. Buffett's line was the reminder that the edge is holding on through the year, not guessing where it ends.
From the January 2, 2026 issue: Wall Street Signals Confidence For 2026 →