Source: Mark Spitznagel, The Dao of Capital: Austrian Investing in a Distorted World (2013)
"In the immediate-marshmallow world of investing, it is so hard to be the one sitting with folded arms, not taking the sweet enticement of now, and focusing instead on intermediate means for positional advantage to be exploited later." (Spitznagel at 238)
The ultimate edge in investing is often "time." However, discourse surrounding the "temporal edge" remains entrenched in the polarity of "short term" vs. "long term," missing the nuance of the intermediate.
"Even today as the evolutionary march continues, with technology seeping into every corner of the seven continents, we still struggle with the most fundamental challenge: our perception of time." (Id. at 165)