.The Key To Successful Investing Is Patience
The Key To Successful Investing Is Patience.
Tanza Loudenback
The CEO of a $13 billion investment firm says there's one lesson everyone has to master to build wealth: patienceThe Key To Successful Investing Is Patience
Compound interest is the most important concept to understand about money, Mellody Hobson said.
Mellody Hobson, a co-CEO of Ariel Investments, told the New York Times that the key to successful investing is patience.
Patience leads to compound interest, which is the most important concept to understand about money, Hobson said.
She cited Warren Buffett as an example of a patient investor. The CEO of Berkshire Hathaway once said, "There is nothing wrong with getting rich slowly.".
"Good things come to those who wait" is more than an old English proverb. In the investing world, it's regarded by many as the rulebook for success.
In a recent interview with the New York Times, Mellody Hobson, a co-CEO of Ariel Investments, a Chicago-based investment firm with nearly $13 billion in assets under management, said patience is one of the key ingredients to building wealth.
In fact, it's an integral part of the investing approach at Ariel Investments, where Hobson has worked for nearly 28 years, the Times' David Gelles reported.
"We talk about long-term patient investing, and that idea that slow and steady does win the race, that time can be your best friend when it comes to investing," Hobson told Gelles. "That's why we have a turtle as a logo at Ariel."
Hobson, who also serves on the boards of JPMorgan Chase and Starbucks, said "it's never too late" to get started investing, but regardless of where you are and who you are, the same lessons apply.
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