"The two most powerful warriors are patience and time."

-- Leo Tolstoy

In other words, there is no quick fix. It will take time.

Neither a Polyanna nor a Cassandra am I. Both seem to court hyperbole in their attention-getting while neither really achieves superior or even adequate investment returns.

Rather, I remain of the view that we are in a broad trading range of approximately 825 to 1,025 on the S&P 500, an exquisite trading backdrop but an uncertain investing environment. Or, as Jim Cramer appropriately writes, "a period of nothing happening" seems to be the likely order of the next several months.

As I have written previously, a patient suffering a massive heart attack does not get out of bed and play three sets of tennis. Despite the near-term upward momentum of the markets, which is beginning to drag in the non believers, most individual investors should still be less concerned about opportunity cost and more concerned about the potential for lost capital.

The economic sky is no longer falling nor is the S&P 500 moving to levels forecast by doomsayers weeks ago. But the economic sky is not all clear nor is the S&P going to immediately regain a meaningful amount of the lost value of 2008.

Patience, persistence and perspiration will make an unbeatable combination for investment success in the months ahead.

Doug Kass writes daily for RealMoney Silver , a premium bundle service from TheStreet.com. For a free trial to RealMoney Silver and exclusive access to Mr. Kass's daily trading diary, please click here.
Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.

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