Doug Kass's Best Advice For Investors

Patience, grasshopper. The real money in the investment business is made by the long term investors. At least that's what Seabreeze Partners Management Inc. President Doug Kass said when he was a guest on

. “Patience is a virtue. Catch it if you can. Always in a woman, but never in a man,” Kass said. Kass's version of an old

is his advice for investors of all shapes and sizes, whether you have $5,000 in the market or $5 million. He had a couple of other pieces of advice, too. It's very important to stick tight with your stock thesis, Kass said. “If Mr. Market provides you with an opportunity to buy an asset at a sharp discount, don't be swayed by negative sentiment, which has created that opportunity,” he said. “Be disciplined and buy.” In the long run, Kass said, there's a gravitational pull toward higher prices, despite his proclivity toward short-selling.