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Alas, the drawing for the 2025 NYC Marathon has concluded, and unfortunately, no one at The Prudent Speculator was lucky enough to secure a spot. While we’ll have to wait another year for a chance to run through the five boroughs, the marathon itself serves as a fitting analogy for value investing.
Running and Value Investing: The Power of Patience and Discipline
Just as success in distance running depends on patience, consistency, and mental resilience, building wealth through value investing requires a long-term approach, disciplined execution, and the ability to endure market volatility. Whether on the road or in the market, those who stay committed to the process tend to see the best results.
Steady Progress Over Quick Gains
Whether training for the NYC Marathon or not, veteran runners know that pushing too hard, too early can risk burnout before the finish line. Similarly, investors chasing short-term trends or overpaying for popular stocks may find themselves disappointed. A value investor, like a distance runner, focuses on steady progress—buying patiently businesses at attractive prices and allowing time to drive returns.
Resilience Through Challenges
Of course, every runner faces difficult stretches—whether it’s fatigue, bad weather, or an unexpected setback. This also parallels with investing, where markets are unpredictable (particularly in the near-term), and downturns can stir the nerves of even the most seasoned investors. However, just as runners stick to their training plans through fatigue and tough workouts, value investors must remain committed to their strategy, trusting in fundamentals rather than reacting to short-term market swings. Those who abandon their regimen at the first sign of difficulty often miss the long-term benefits of consistent effort and steady progress.
Preparation and Patience
Strong runners follow a structured training plan, gradually building endurance and refining technique. Similarly, successful value investors rely on research, studying financials, industry trends, and company fundamentals before making decisions. Both disciplines reward those who take a measured, thoughtful approach.
Long-Term Focus Pays Off
Neither a great marathon performance nor strong investment returns happen overnight. Those who stick to a plan, maintain discipline, and avoid reactionary decisions tend to achieve better results. Just as a well-trained runner reaches the finish line in top form, a value investor who remains patient with undervalued stocks is more likely to see their portfolio grow meaningfully over time.
Whether Running in the NYC Marathon or in the Market, Discipline Pays Off
For more than 47 years, we have collaborated with our clients in their investment decision making process as they pursue their long-term financial goals.
We are committed to keeping your goals, concerns and attitude about investing at the heart of your plan.
If you’re considering a large purchase but want additional guidance and are ready to experience our personalized investment approach and exceptional client service, contact Jason R. Clark, CFA at 949.424.1013 or jclark@kovitz.com.
*We are in no way affiliated with the New York Marathon or NYRR
Kovitz Investment Group Partners, LLC (“Kovitz”) is an investment adviser registered with the Securities and Exchange Commission. This report should only be considered as a tool in any investment decision and should not be used by itself to make investment decisions. Opinions expressed are only our current opinions or our opinions on the posting date. Any graphs, data, or information in this publication are considered reliably sourced, but no representation is made that it is accurate or complete and should not be relied upon as such. This information is subject to change without notice at any time, based on market and other conditions. Past performance is not indicative of future results, which may vary.
