Poker as teacher

The patience required in investing is not so much the patience for sitting with a position after you establish it but the willingness to be patient beforehand.

To quote my friend Jack McHugh (using a Texas Hold 'Em analogy): "Waiting for more information allows a patient gambler to better know when to commit his or her chips. . . . There's always another hand to be played, just as there will always be a new set of investment opportunities to consider."

To that of course, you could add some Kenny Rogers Country philosophy, "You've got to know when to hold-em, know when to fold-em, know when to walk away, know when to run!"

RUF