There’s a quote attributed to the American investor Charlie Munger that’s often shared on social media: ‘The big money is not in the buying and selling, but in the waiting.’ It’s a pithy statement that perfectly captures an essential truth about investing. However, like many such quotes, it appears to simplify what Munger said. His original statement from a 2004 speech at the University of California, Santa Barbara, US, was, ‘It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait.’The actual quote may be less memorable, but it’s more revealing. Munger wasn’t just talking about waiting; he was talking about our inability to wait. This distinction is crucial because it points to one…