NEW YORK ( TheStreet) -- In value land, it sometimes takes a great deal longer for a situation to play out than you had originally expected. While this can be frustrating at times, the rewards of patience can be great. Getting there, however, is at times frustrating.Patience is a virtue in value investing, but you also have to know when to throw in the towel; to know when to admit that your investment thesis was incorrect. There have been times when I've waited too long for a story to play out; there have been times when I've given up too early. You try and learn from these mistakes, and move on.
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