Holding cash until real opportunities appear is an underrated skill in investing.

I read this advice from Warren Buffett four years ago and ignored it. Only after going through full market cycles did its value truly sink in. Cash isn’t wasted capital it’s optionality. It gives you patience, flexibility and the ability to act decisively when assets are mispriced and fear dominates the market.

The biggest returns often come not from constant activity, but from waiting calmly and deploying capital when risk-reward is clearly in your favor.