One of the most overlooked and yet most important aspects of long term investing is efficiency. The concept of efficiency touches our everyday lives in so many routine ways we take it for granted. We set the thermometers down or up when we are away to conserve money and energy use. We recycle to reduce the waste going to landfills and slow the drain on our natural resources. We are more gentle on the accelerator when gasoline prices are high. We might even think to remove unnecessary weight of stuff on the seats and in the trunk that serve no purpose in our daily commute.

Practically speaking, the odds of Greece meeting its bailout obligations to the European Union and its credit demands of the IMF and other creditors by June 30th are close to nil. Odds are just as small that enough patience exists on the part of EU...