We know that Hoid became a Lightweaver at the end of OB, and he may or may not be a Mistborn, but he definitely has a bead of lerasium in SH. So why did he wait so long?
1) Hoid has been alive, a worldhopper, and exceptionally knowledgable about forms of Investiture ever since the Shattering of Adonalsium.
2) Hoid could have became (and it probably would have been a lot easier to become) a Surgebinder pre-Recreance, during the time when there were Heralds and plenty of spren (Cryptics or otherwise) willing to bond.
3) Hoid could have stolen the bead of lerasium long before Kelsier was at the Well of Ascension. He either could have stolen the lerasium when the Well of Ascension was in the Terris mountains, or when the Lord Ruler was guarding it in his palace. The latter would have been most likely, because that was when Leras was very weak, making the lerasium much easier to steal.
I don't know when Hoid got his Sand Mastery or Breaths (does anyone?), but it seems that Hoid could have had access to Surgebinding and Allomancy way before he actually did.
So why did he wait? Is there a WoB on this?
