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Here\u2019s a scenario: you\u2019ve identified a potential investment, you\u2019ve gone through the checklist and done your research, and you decide that you\u2019ve found a deal that other people seem to be overlooking.\xa0 You pull the trigger to buy into this company, and then the stock price begins to decline and you begin to wonder if you\u2019ve made a mistake.\n\nKnowing the difference between having confidence in your investing process and being arrogant or blindly confident in a position can allow investors to act on proven strategy as opposed to being driven by fear and emotion.\xa0 Having a long-term outlook and a diligent methodology is the way for capable value investors to find the deals and realize the returns that many others in the market get wrong.\n\nThis week, Phil and Danielle tackle another constant issue for investors as they dig into when, how, and why you should (or shouldn\u2019t) stick with a purchase that doesn\u2019t seem to be panning out the way you\u2019d suspected.\n\nFor help finding businesses that you feel confident investing in, click here for the \u201c3 Circles\u201d Exercise Guide:\xa0 https://bit.ly/3LOexg2\n\nTopics Discussed:\n\nPatience and discipline in value investing\n\nThe dangers of hubris and confirmation bias\n\nInformed assumptions vs speculation\n\n\nResources Discussed:\nBerkshire Hathaway shareholder letter (2013)\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices