Patience & Persistence
DIS and DAT-Patience & Persistence- January 2012
“I don’t mind waiting on a woman” Brad Paisley
“Offense sells tickets, Defense wins championships” Dave Thorson
“Drive for Show, Put for Dough” Bobby Locke
“All we need is a little patience” Guns N’ Roses
We are fast approaching what many television personalities are calling the game of the millennia, part II on Monday, January 9th, 2012. You might recall the first game between Nick and Les’ teams; it went into overtime and ended 9 to 6. There were chants around the country, BORING! BORING! BORING! Yet here we are again #1 LSU vs. #2 Alabama. We believe instead of criticizing the game plans, there just might be an important lesson here. The similarities are very strong, quick defenses built on ENDURANCE. Instead of reliance on the flashy quick scores, these two teams concentrate on making the other team earn every inch of offense. They then set up to capitalize on the mistakes. With respect to the offense, they built their offenses to keep the turnovers down, and wear the opposing defenses out until they can break the long one.
In similar fashion, we too often hear many focusing on that one stock or single investment category, or even on that “get rich quick” trading strategy. We believe while investing, we should take some time to focus on the “boring” short-term time horizons that allow us to set up and hopefully let the long term assets compound book value over time.
To extend the football metaphor, the “boring” short term can consist of strategies like money markets, CDs, treasuries, bonds, merger arbitrage and deep covered call strategies. Of course we think it should be grounded with a reasonable withdrawal rate with consideration given to expected maturities and cash flow needs. However, this area doesn’t involve needing to know what the economy is going to do, or which will be the hot stock next year.
Just like Nick and Les have learned, this “boring” short term strategy can lead to allowing the big plays to break open, or to taking advantage of the other team’s mistakes. Therefore, we thought this much watched game could add a little perspective to your investing strategy.
See you next time.
James Pope
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