Agreed, when it comes to investing you definitely have to resist the temptation to buy every shiny object you see! As you pointed out the long term holds are what make the most money. When it comes to trader psychology, the most predominant outcome is that you will lose money! I know.

The next question then becomes, how do you know what companies to have the conviction to hold onto over the long time?

What is the difference between something that is undervalued and something that is merely cheap?
How do you find the value?

That's what the research comes in. I put the most money in my "highest" conviction trades or themes. Then I have some speculation money that I used to invest in high risk/ high reward plays like Hive Blockchain Technologies is something I've bought recently that I would consider a speculation.

Happy Investing!