Most things worth having in life don’t come easy. Whether it’s building a career, staying healthy, or creating something meaningful, the rewards tend to sit on the other side of effort, patience, and a bit of discomfort. Investing is no different. If you want the kinds of returns the best investors achieve, you don’t stumble into them. You earn them through the right behaviours and mindset.

There’s a famous analogy about a cat that jumps onto a hot stove. It learns quickly not to do that again, but the problem is, it also won’t jump onto a cold stove. Investors often behave in much the same way. After getting burned once, many avoid the stock market altogether, even when the conditions are completely different. But the market is far more like that cold stove. Unfamiliar, perhaps a little intimidating, but ultimately safe if you’re willing to approach it with the right perspective and give it time.

And it’s not hard to see why hesitation feels stronger right now. Markets have recently pulled back, driven in large part by escalating geopolitical tensions and ongoing conflicts around the world. Headlines are dominated by uncertainty. Wars, economic strain, and shifting global alliances all combine to create the perfect environment for doubt to take hold. When markets fall in response to these events, it can feel like a signal to act, to do something, to protect yourself. But this is where many investors go wrong.

Because the real challenge in investing isn’t access to good opportunities. It’s behaviour. Time and again, investors chase performance, buying into markets after they’ve risen, only to panic and sell when they fall. They react to news, tweak their strategy, and second-guess their decisions at exactly the wrong moments. This is what is often called the behaviour gap, the difference between the returns investments deliver and the returns investors actually experience. That gap can be significant.

The uncomfortable truth is that, historically, the average investor underperforms the very funds they invest in. Not because they chose the wrong investments, but because they struggle to stay the course when it matters most. Periods like these, when markets are falling due to global uncertainty, are when that gap tends to widen.

Behavioural science helps explain why. As humans, we’re wired to respond to threats. For most of our history, reacting quickly to danger was essential for survival. But in investing, that instinct can work against us. Short-term fear leads to long-term mistakes. We move away from discomfort, even when staying put is the better decision. The encouraging part is that this isn’t a mystery. The patterns of successful investing have been observed over decades, and while they sound simple, they’re far from easy to follow. 

Alongside that comes a willingness to accept short-term disappointment. Markets falling in response to global events isn’t a flaw in the system, it’s a feature of it. Volatility is the price of admission for long-term returns, not a warning sign to abandon your plan. Periods like this, uncomfortable as they are, are part of the journey every successful investor has had to endure.

And then there’s patience, which might be the most important and the most difficult quality of all. The benefits of investing don’t appear overnight. They build slowly, often invisibly at first, and only reveal their full impact over years and decades. The investors who succeed aren’t the ones who perfectly time the market or react fastest to the news. They’re the ones who stay invested long enough for a sound strategy to work.

In practice, successful investing often looks surprisingly simple. A well-diversified global portfolio. Low costs. Regular contributions. And, crucially, the discipline not to interfere unnecessarily.It’s not exciting. It won’t always feel comfortable (especially in times like these) but it works.

When markets decline, the disciplined investor doesn’t panic or overhaul their strategy. They don’t try to predict the next move or react to every headline about war or economic instability. Instead, they stay the course, understanding that these periods are not interruptions to the plan, they are part of the plan. Anyone can feel confident when markets are rising. The real test comes now, when uncertainty is high, when markets are falling, and when doing nothing feels like the hardest decision of all.

If you are feeling uneasy about the current environment, that's completely natural. Temporary declines will occur regularly. But when they happen, a disciplined investor does not change their strategy or react to short-term events. They recognise these fluctuations as the price for achieving superior long term returns. While there is no guarantee about the future, those who remain steadfast during times of uncertainty will reap the rewards over the long term. The goal is not to avoid uncertainty. It is to learn how to move forward through it with clarity, discipline, and the confidence to stay the course when it matters most. 🩷

Disclaimer: This content is for informational purposes only and does not constitute financial advice. The views expressed are general in nature and do not take into account your individual circumstances. Before making any investment decisions, you should consider seeking advice from a qualified financial professional.