Compounding looks boring before it looks brilliant

Compounding rarely feels dramatic while it is happening.

The early gains are small. Progress can look almost linear. More exciting opportunities appear elsewhere, offering faster evidence that something is working.

The curve becomes remarkable only after patience has done most of its work.

This is true of capital, knowledge, reputation, and relationships. The largest returns often come from remaining with a sound process after the novelty has disappeared.

The difficulty is that patience and stubbornness can look identical from the inside. The underlying quality has to be examined continuously, even when the holding period is long.