I've been holding a position for about eight months now. The thesis hasn't changed. Revenue is growing. The balance sheet is fine. Management is executing. Yet the stock keeps drifting lower. What's interesting is how quickly your own mind starts turning against you. You reread bearish arguments that didn't bother you before. You start questioning assumptions you were comfortable with. Every red day feels like new information, even when nothing has actually changed.
People often talk about value investing as if the challenge is finding undervalued companies. I'm starting to think that's the easy part, while the harder part is sitting with a well-researched thesis while the market spends months telling you that you're wrong. If mispricings were obvious, they probably wouldn't exist in the first place. Maybe the real skill isn't analysis, but maintaining conviction long enough for the analysis to matter.