Legendary value investor Jean-Marie Eveillard once said, "Risk to us goes back to not paying attention to how one does in the short term.The quote captures one of the core principles of long-term investing: avoiding the temptation to judge success based on daily market fluctuations.Risk Is More Than VolatilityEveillard's philosophy challenges the common belief that risk is synonymous with short-term volatility. Instead, he argued that investors who become overly focused on quarterly returns or daily price movements often make emotionally driven decisions, such as buying during market euphoria or selling during periods of panic. These actions can ultimately erode long-term wealth.The Value of PatienceThe statement also reflects the essence of value investing, where patience is considered a competitive advantage. Rather than reacting to temporary market swings, disciplined investors focus on the quality of businesses, their intrinsic value, and their ability to generate sustainable returns over time. Short-term underperformance, in this framework, is not necessarily a sign of increased risk but often a byproduct of market sentiment.Staying the Course Through Market CyclesHistory has repeatedly shown that financial markets move in cycles, with corrections and rallies forming a natural part of the investment journey. Investors who remain committed to their long-term strategy, instead of chasing short-term performance, are generally better positioned to benefit from compounding and the eventual recovery of fundamentally strong assets.The Key TakeawayEveillard's insight serves as a timely reminder that successful investing is less about predicting the next market move and more about maintaining discipline through periods of uncertainty. For long-term investors, the greatest risk may not be temporary declines in portfolio value but allowing short-term noise to dictate long-term decisions.