This concept is central to behavioural economics. Our minds are weaker than our emotions, and true strength arises only through practice, experience, and even a little suffering (as emphasised in ‘33 Strategies of War’ and Stoic philosophy).

For investors, the trials of an extended bear market serve this purpose, building the internal discipline and resilience necessary to hold quality assets while others succumb to panic.

Working on a few interesting case studies in the precision engineering and energy sectors amid the ongoing geopolitics and Middle East crisis. Will share my take as soon as possible.