Long-term investment success = enduring a never-ending deluge of short-term nonsense.
To wit, you should expect the following (as a minimum):
1. Daily headlines predicting the end of the world.
2. A regular diet of "hot new investment opportunities".
3. The absolute certainty that if the other side gets in power the country will collapse.
4. The absolute certainty that if the current side stays in power the country will collapse.
5. Irrational optimism that pushes values way beyond where they should be.
6. Irrational pessimism that pushes values way below where they should be.
7. Important rules and regulations being relaxed that fuel bad behaviours and bad outcomes.
8. Idiotic rules and regulations being imposed to deal with the fallout from the previously relaxed rules and regulations.
All of which will result in the following “average” investment experience:
1. A drop in value (followed by a full recovery) of 10% each and every year.
2. A 30-50% drop (followed by a full recovery) every 3-5 years.
3. A 5-6% pa return after all fees, as a reward for surviving all of the above.