Patience
b'I\\u2019m coming to you live from Miami Florida. This week I\\u2019m at The Family Office Club Super Summit, which attracts some of the most accomplished private wealth managers in the industry. We spent several days in a large conference setting and in one on one conversation with people who manage the investments for some of the world\\u2019s most affluent. \\n\\nThese folks have the task of making sure the money of the ultra-wealthy is put to work in a safe and responsible way.\\n\\nAttendees at this conference include both new money and old. Old money is the multi-generational wealth that has been passed down through several generations. New money is wealth that was created in the current generation, usually through the hard work involving the growth of an active business. In some cases, the business has been sold and a pile of cash remains where there once was a business.\\n\\nOnce wealth has been created, the focus shifts from wealth creation to wealth preservation. The ultra-wealthy have the same problems that all investors have, only on a larger scale. If you are wondering where is a safe place to invest your retirement funds, the same can be said of the ultra-wealthy. \\n\\nWealth is simultaneously patient and impatient. People of wealth are not in a hurry to make a quick buck. They don\\u2019t need to maximize their rate of return. If they make an extra 5% on their money, it\\u2019s not going to change their life. They don\\u2019t like to lose money, so its far more important to protect its than maximize the growth in all circumstances. They are willing to be patient for their money to grow. \\n\\nBut they\\u2019re simultaneously highly impatient. They understand that time is their most precious commodity. They have thousands of details and opportunities vying for their attention. They need to be judicious about what to pay attention to. There is so much noise in the world, that they make fast decisions about what to pay attention to.'