Howard Marks quote

From Marks' memo "Liquidity":

When you find an investment with the potential to compound over a long period of time, one of the hardest things is to be patient and maintain your position as long as doing so is warranted on the basis of the prospective return and risk. Investors can easily be moved to sell by news, emotion, the fact that they've made a lot of money to date, or the excitement of a new, seemingly more promising idea. When you look at the chart for something that's gone up and to the right for 20 years, think about all the times a holder would have had to convince himself not to sell. An abundance of liquidity can be a handicap in this regard. Here's some more good advice from Warren: "If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays." Looking less often would improve most investors' results.