It's difficult to be patient in a market this volatile as this one.
However, it is the formula for long-term success advocated by institutional investors in the most recent Barron's Big Money survey.
Given the most appealing entry positions in years for both stocks and bonds, Big Money respondents are enthusiastic about prospects over the longer run but more pessimistic about the financial markets' near-term trend.
According to our most recent study, 40% of money managers believe that equities will do well over the next 12 months, while 30% believe the opposite.
Since the spring poll, which found a majority of managers to be neutral, the bullish cohort has climbed from 33%, while the pessimistic group has also increased from 22%. The S&P 500 index SPX -2.37% has decreased by 14%.
Since the release of the spring poll in late April, it has decreased 23% for the entire year.