My Smartest Investment

Years ago I bought 400 shares of Telefonos de Mexico for $1 per share on the recommendation of John Templeton. It was soon worth less than a dime per share and wasn't worth selling, so I hung on. In a retooling of shares, I ended up with 140. As Mexico's economy improved, so did the company. My shares are now worth about $13,000, and I've received far more than my original investment in dividends alone. It just took a little patience.

— Robert P., Landis, N.C.

The Fool Responds: It's been nearly a decade since you sent us this story — but it contains a lesson that bears repeating. And if you're still hanging on to your shares, they've more than doubled since then. Patience is indeed a critical quality of great investors. As Sir John himself urged: "Invest — don't trade or speculate. The stock market is not a casino, but if you move in and out of stocks every time they move a point or two, or if you continually sell short, or deal only in options or trade in futures, the market will be your casino. And, like most gamblers, you may lose eventually — or frequently

Do you have an embar rassing lesson learned the hard way? Boil it down to 100 words (or less) and send it t o The Motley Fool c/o M y Dumbest In vestment. Got one that worked? Submit to My Smartest Investment. If we print yours, you'll win a Fool's cap!