"Value investing is mostly about keeping things simple. **An average investing life cycle is very long and a lot of things will happen during that time. The economic environment will change many times, valuations will be volatile etc. What is important is not to do stupid things**. "**If you don’t understand something, don’t invest, just wait for the next opportunity** that you can comprehend and are happy about how it fits your risk-reward appetite and the path to your financial goals." ([Location 3595](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=3595)) --- **Tags** -- [[quotes]], [[long-term-thinking]], [[value-investing]], [[simple-logic]], [[circle-of-competence]], [[valuations]], **Source** -- [[202506221723 - LN - Modern Value Investing]]