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Halfway up the slope of a volcano lived a monkey. Like his fellow monkeys, he spent the majority of his days picking and eating fruit off the trees growing on the side of the volcano. Unbeknownst to his friends, however, he dreamed of one day opening his own banana pie stand where he could spend his old age providing delight to others, just making and serving pie, passing the time in enjoyable conversation. He dreamed this every day as he foraged, and it made him happy. But he knew he would only get there if he grew big and strong…

Being disciplined is hard. When we think about our own private lives, if we’re being honest, none of us have any trouble coming up with instances where we broke down and diverged from our plan. Whether around dieting, exercise, or chores, discipline can wane – hopefully for only short periods of time when it does. When it comes to investing however, losing our discipline around what we buy and at what price can have much more dire consequences than missing a daily workout. Just last month we discussed how long-term returns can get cut in half by getting caught up…