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How Rick Rule and Eric Sprott Became Wealthy

By admin 5 years ago 1138 Views No comments

They say patience is a virtue. This is no truer than when delaying with the stock market. Patience can make or break your portfolio. Rick Rule and Eric Sprott both have patience in spades. Fortunately for them, this has made them incredibly wealthy. For those who have patience, you have the luxury of picking your entry point. More importantly, you have the benefit of picking your exit point as well.

For those without patience, the outlook is much more dismal. You may be lucky and score big every once and a while but more than likely, you will end up making more mistakes than victories. Patience allows you to sit on your hands when you know you are right. This is Rick Rule and Eric Sprott's fourth market cycle. They have seen the ups and they have seen the downs.

Below is what Rick Rule had to say during a recent King World News interview in which he discusses how he and Eric Sprott have accumulated their fortunes:

"It’s funny because right now I am up in Vancouver, and looking at the despair in the professional investment community and juxtaposing that with the strange elation that I feel has caused me to feel very contemplative.

One of the things that occurs to me is that this is my fourth major market cycle. The three previous down-cycles that I've been through previously were the cause of my personal wealth, and Eric Sprott’s personal wealth....

We need to remind ourselves, Eric, that the narrative with regards to precious metals has not changed between 2010 and today. The only thing that has changed is the price."

Patience and conviction has allowed Rick Rule and Eric Sprott to buy at the lows and sell when the market returns to its fair price. This is how they have become wealthy. As the old saying goes, you buy when the blood is in the streets.

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