Bear and forbear is a Stoic discipline of enduring necessary hardships and abstaining from harmful actions, central to patient investing and clear thinking.
Sustine et abstine — bear and forbear. The phrase is Stoic, attributed to Epictetus, and later adopted by Spinoza. It captures something I believe deeply: that the most important skill in investing, in thinking, and in life is the discipline to endure what must be endured and to abstain from what must be avoided.
Munger put it differently: "The big money is not in the buying and the selling, but in the waiting."
Marcus Aurelius wrote it in his private notebook, never meant for publication: "You have power over your mind — not outside events. Realize this, and you will find strength."
陈寅恪 (Chen Yinke), the great Chinese historian who continued his scholarship for thirty years after going blind, embodied it: "独立之精神，自由之思想" — independent spirit, free thought.
Different traditions, same insight.
What to expect
- Value investing — in the tradition of Graham, Munger, Buffett, and Templeton. Method, not tips.
- Philosophy — Stoicism, Spinoza, Kant, and their intersection with Chinese classical thought.
- Mental models — Munger's lattice of mental models, applied across disciplines.
- The examined life — what it means to think clearly under pressure, in an uncertain world.
Sed omnia praeclara tam difficilia, quam rara sunt.
All things excellent are as difficult as they are rare.
— Spinoza, Ethics
FAQ
What does 'sustine et abstine' mean?
'Sustine et abstine' is a Latin phrase meaning 'bear and forbear.' It encapsulates the Stoic principle of enduring challenges with resilience while intentionally avoiding impulsive or harmful actions. This dual discipline is central to achieving self-mastery and clear judgment in both life and investing.
How does Stoicism apply to value investing?
Stoicism teaches that we control our judgments and actions, not external events. In value investing, this means focusing on thorough analysis and emotional discipline rather than market fluctuations. By enduring volatility and abstaining from impulsive trades, investors align with the patient, long-term approach championed by Graham and Buffett.
What did Charlie Munger mean by 'the big money is in the waiting'?
Munger stressed that large investment gains come from patience, not frequent trading. Waiting allows compounding to work and lets sound decisions play out over time. This reflects a belief that the greatest returns require enduring short-term noise and abstaining from reactive behavior.
How can philosophy improve my investment decisions?
Philosophy sharpens mental models and fosters emotional discipline, helping investors think clearly under uncertainty. Concepts like Stoic endurance and Kantian independent thought encourage sticking to principles during market turmoil. An examined life, as emphasized by Spinoza and Chinese thought, supports rational, long-term decision-making.
What does Spinoza's quote 'All things excellent are as difficult as they are rare' mean?
Spinoza's line from the 'Ethics' asserts that true excellence demands significant effort and is uncommon. For investors, it means that achieving superior returns or deep wisdom isn't easy or popular. The discipline to bear discomfort and forbear from shortcuts aligns with this pursuit of rare, difficult excellence.
The essential discipline for investing and life is to endure what must be endured, abstain from what must be avoided, and recognize that all excellence is as difficult as it is rare.