Investment Geniuses

Marshmallows And The Cost Of A Moat

The VIEW from BURGUNDY

One of the most frequently mentioned research studies in the field of developmental psychology is the “marshmallow test”. Conducted in the late 1960s and early 1970s, the experiment considered how children’s ability to exercise delayed gratification would affect their success in life. The test was designed like this: children were offered a single marshmallow by a researcher with the option of either eating it right away, or waiting approximately 15 minutes. If they could stave off temptation, they would receive two marshmallows instead of one. (If only compounding were always so . . .

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