When I first came to Israel, it didn’t take long before I got one of those thumb, index, and middle fingers joined together and held up, along with that tongue/tooth sound. I had no idea what it meant. Was it a Middle Eastern curse? Was it a modified way to ask for charity? I was confused.
Why do I keep receiving this gesture/sound? I asked a cousin of mine, and he explained that it meant “wait a second, or hold on.” That was my first introduction to the famed Israeli savlanut (patience). In fact, one of the ways that I know I have managed to integrate into local society is that I’ve got the sound part down to a tee.
In this week’s Torah portion, Vaera, we read about events that led up to the exodus from Egypt. As I have written previously, Rabbi Aharon Lichtenstein, z”l, speaking about where this portion fits in the broader story of the exodus, explained: “At the beginning of the parasha, God promises Moshe that He will deliver Am Yisrael from their suffering.
This long and detailed promise contains five different expressions of redemption. Moshe conveys God’s words to Am Yisrael, but his message falls on deaf ears and cold hearts: ‘…but they did not listen to Moshe because of impatience (kotzer ruach) and hard labor (avoda kasha)’ (6:9). Many different interpretations have been offered for the expressions ‘kotzer ruach’ and ‘avoda kasha’ and the connection between them.
Rashbam comments (ad loc.): ‘But they did not listen to Moshe’ – at this stage, even though they originally had faith, as it is written, ‘And the people believed’ (5:31), for they had thought that they would have rest from their hard labor, but now it had only become worse for them.”
He continued: “In other words, the reason for the lack of faith on the part of Bnei Yisrael was their disillusionment. In parashat Shemot, Moshe came to Am Yisrael and conveyed God’s message of redemption.
They heard the words ‘pakod pakadeti,’ which had been passed down among them as the code and signal of redemption, and believed in Moshe, rejoicing and looking forward to an alleviation of their suffering’ (4:31): And the people believed; and when they heard that God had visited (pakad) Bnei Yisrael, and had seen their affliction, they bowed their heads and worshipped.
“The nation was now inspired with hope. They believed that within a short time, their enslavement would be over; they began ‘packing their bags’ and getting ready to leave. It came as a great disappointment that days and weeks went by, yet they were not redeemed. Their enslavement continued, with its conditions growing even more difficult.
“The nation, lacking any historical perspective, was impatient. The people did not understand that redemption is a long, slow process; they expected it to happen all at once. Since there was no visible progress, they were disappointed and started to complain. This is the meaning of impatience (kotzer ruach).
“Exodus 6:13 says: ‘God spoke to Moses and to Aaron. He commanded them to be His emissaries to the Israelites and to Pharaoh, king of Egypt, to take the Israelites out of Egypt.’ On that verse, Rashi deals with the ‘command’ and says that Moses and Aaron were being commanded to lead the Children of Israel ‘calmly and to be patient with them.’”
The virtue of patience
One of the most underrated virtues in successful investing is patience. It doesn’t make headlines, it doesn’t sell newsletters, and it certainly doesn’t satisfy our natural desire to “do something.” Yet, time and again, patience proves to be one of the most powerful drivers of long-term financial success.
In today’s investment environment, patience is constantly under assault. Financial media runs 24/7, social media amplifies every market move, and investors are bombarded with predictions, warnings, and “can’t-miss” opportunities.
When markets are rising, the pressure is to chase returns. When markets fall, fear pushes investors to abandon carefully constructed plans. In both cases, impatience becomes the enemy of disciplined investing.
According to data from J.P. Morgan Asset Management, over a recent 20-year period, the S&P 500 delivered an annualized return of roughly 9.8%. An investor who missed just the 10 best market days during that period, however, had returns drop to about 5.6%. Miss the best 20 days, and returns fell to roughly 2.9%. Those “best days” often occurred amid periods of fear and volatility – precisely when impatient investors were most likely to be on the sidelines.
Long-term financial success is a function of defining goals, time horizon, cash-flow needs, and risk tolerance. When investors understand why they own certain assets and how those assets fit into their long-term objectives, they are far better positioned to remain patient during inevitable downturns.
Impatience often masquerades as sophistication. Frequent trading can feel proactive and intelligent, but studies consistently show that excessive trading harms returns. A well-known study by Barber and Odean found that individual investors who traded most actively underperformed the market by a significant margin, largely due to poor timing, transaction costs, and taxes.
Patience does not mean complacency. Portfolios should be reviewed, rebalanced, and adjusted as life circumstances change. But those actions should be deliberate, not reactive. There is a difference between thoughtful course correction and emotionally driven decision-making.
In investing, time is your ally. Those who use it to their advantage and remain patient are far more likely to reach their financial goals.
The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc. or its affiliates.
aaron@lighthousecapital.co.il
The writer is the author of Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing.