Investing requires patience. Paying attention to valuation generally leads to superior investment returns, usually sooner rather than later. But manic markets like the Nifty 50 stocks of the late 1960s and early 70s, the TMT (tech, media and telecom) craze of the late '90s and the quanti-tative-easing-induced frenzy of the past several years can be punishing to value-focused investors. It may be helpful to remind oneself that the years following 1972 and 1999 clearly rewarded value investors. Better still, it may also be helpful to put the long waiting time into perspective. After all, investment should be a long-term endeavor. The stock market-that fascinating, bipolar entity-will periodically provide us with the opportunity to purchase the product of years' worth of toil, aggravation, pain, industry and productive value, and to do so in a millisecond and at a small fraction of the capital costs. Wildly bifurcated markets, while exceptionally frustrating, are the best environments for finding valuable assets priced as amazing bargains.
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