The Psychology of Money
“The key to a lot of things with money is just figuring out what that price is and being willing to pay it.”
“Successful investing demands a price. But its currency is not dollars and cents. It’s volatility, fear, doubt, uncertainty, and regret—all of which are easy to overlook until you’re dealing with them in real time.”
“Few investors have the disposition to say, ‘I’m actually fine if I lose 20% of my money…but if you view volatility as a fee, things look different.”
When you invest in the long term, you need to be willing to accept the short-term price of market fluctuations.