5 Ways to Maintain a Competitive Edge, No. 5: Be Willing to Outwait Your Rivals

Getting ahead isn't simply a matter of having a great idea, nor of being intelligent or improving your mastery in your chosen arena. The key is to focus on the edge that you can keep for the longer term. In this episode of Motley Fool Answers, Alison Southwick and Robert Brokamp are joined by former Fool Morgan Housel to talk about figuring out what your sustainable advantages are, both in investing and in life. He lays out five possible advantages that you and the businesses you invest in might already have, or want to cultivate, in service of acquiring an edge. The final tip: Think and act with your eye on the long term. Investment banks and high-speed trading computers are playing the short game, but individuals can still beat them on the deeper time horizon. Plus, the Fools talk about their own personal competitive edges.

A full transcript follows the video.

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Source: Fool.com