Real successful business investors own businesses for years, decades and generations. Bargains don’t emerge because of positive events. Patience is required in undervalued situations in most instances because often, a negative event has occurred. We don’t know when the event will pass, but we have a high degree of certainty that it will happen at some point in the future. Investors in our funds may have to wait for these events to unfold. But the returns received from having patience far outweigh the time that is needed to be patient.