Section
Working Paper
Institutions are built by decades of unremarkable Tuesdays. The photograph is taken on a founding day; the institution is made on all the others.
Patience, in this sense, is not slowness. It is refusal — refusal to trade a durable direction for a rapid appearance, refusal to inflate one quarter's result into a story that the next quarter cannot honour.
The measure of institutional patience is simple: how long can a good idea remain a plain idea before it is asked to be a headline?
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