Innovation Pharmaceuticals Inc (IPIX)

[CallMeCrazy]

Great example biodoc and here's another example of the power of patience. In 2013, Mark Zuckerberg, CEO of Facebook, offered Evan Spiegel, CEO of Snapchat, $3B in cash for Snapchat and Spiegel declined the offer. In August 2014 one of the most powerful Silicon Valley investors has valued the social network at about $10 billion.

Along with understanding what you own, one must have the patience to let things play out. I have read studies about people who, after surviving plane crashes in the desert, died after trying to find their way out of the desert. Many of them would have lived if they had just stayed at the crash site, which was more observable from the sky. Humans are prone to action, sometimes to our detriment. I think this also explains why "buy-and-hold" is often the most difficult investing strategy to execute.