The hardest part of investing is waiting.

There's a quote attributed to 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. The original statement from a 2004 speech at the University of California, Santa Barbara, was, "It's waiting that helps you as an investor, and a lot of people just can't stand to wait."