A long term investor is usually defined as someone who enters an investment for, say, 10, 20, 30 years or more. Generally they buy an investment to help meet a certain objective in their lives (e.g. retirement) and keep it until they reach that objective.
So why when it comes to investing in such assets as stocks or indexes or ETFs are some of these long term investors so concerned on their entry price?
I know of investors who have waited and watched the market to get 1% or less off the current traded price to buy in (and they won't buy it if it goes higher up, willing to instead forgo the investment if the price does not come back down). But once they have bought it (if able to get it a the lower price) they are willing to let it fall another 5%, 10%, 20% or more with the justification that they are in it for the long term.
Why is so much effort made to get a small percentage off an investment, if one is then willing to let the investment drop another 20% or more with the reason of being in it for the long term?