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Philip L. Carret

Philip Lord Carret (November 29, 1896 – May 28, 1998) was an investor and founder (in 1928) of Pioneer Fund (then: Fidelity Mutual Trust), one of the first mutual funds in the United States (now 3rd which exists still).
A former Barron's reporter and World War I aviator Philip Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund (in the meantime name was changed to Pioneer Fund) for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had "the best long term investment record of anyone I know." He is most famous for the long successful track record he achieved investing in common stocks and for being one of Warren Buffett's role models. He was an avid chaser of eclipses and had traveled around the world to view them.
Carret, who was an active investor until his death in 1998 at age 101, personally experienced 31 bull markets, 30 bear markets, and 20 recessions, as well as the Great Depression—and throughout the ups and downs, was widely known for focusing on a long-term investment horizon.

The Concept of Patience is well explained in movie “Trading Places”
Trading Places is a 1983 American comedy film directed by John Landis and starring Dan Aykroyd and Eddie Murphy.
Some other quotes on Patience---
Benjamin Graham: “Patience is the fund investor’s single most powerful ally.”
The most successful investors spend many hours at it each day and have passion and patience. There are no shortcuts.

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