Many of us tried very hard to mimic these theories in real life and we gave up half way.

There are many reasons why we gave up:

1. We cannot wait so long.
2. My holding power is not as long as theirs.
3. We are in a growth stage.
4. Recession is coming.
5. We are not them.

and many more...

In my opinion, whoever follows these timeless theories must understand the following 3 points: 

(1) the main gist of the theory: 

For example, Ben Graham theories requires you to understand liquidation value, while Warren Buffett/Charlie Mungar requires you to understand competitive edge.

(2) the theory behind long term holdings:

Long term holdings doesn't really mean buy and hold forever. If there are negative fundamental changes, we should be quick to sell those holdings.

In my