The stock market doesn't punish impatience immediately, it rewards it first.

A few lucky trades create the illusion of skill. Investors start increasing position sizes, ignoring valuations, chasing narratives, and believing every dip is a buying opportunity. That's when risk quietly compounds beneath the surface. The best investors don't just study businesses they study their own behaviour. Markets change, cycles change, and narratives change. The ability to stay disciplined when everyone else is getting emotional is often the biggest source of long-term alpha. Investing isn't a battle against the market; it's a battle against overconfidence.