There are many skills an investor must have in order to be(come) a great investor. One of the greatest, and perhaps least appreciated, is the skill of patience. The ability to wait.
The structure of the markets and the nature of the investment management industry, in conjunction with our human essence, are predisposed against it.
The less I see of it in my own investment persona and its effects, the more I appreciate the value of patience.
I think the key with patience (and where its value lies) is that it allows you to pick your spot(s). To operate on your terms, when the conditions are most advantageous to you.
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