No. of Recommendations: 3
we all did well because we stayed fully invested at all times
What is "at all times"? When did they start for you, so that you made that experience (that you did well be simply staying fully invested)? The last 3 decades or so? If so: Congratulations! But for other people, having made their experiences during other times, staying fully invested was different:
As Morgan Housel expresses it in "The Psychology of Money":
people’s lifetime investment decisions are heavily anchored to the experiences those investors had in their own generation.................
The person who grew up when inflation was high experienced something the person who grew up with stable prices never had to.
The stock broker who lost everything during the Great Depression experienced something the tech worker basking in the glory of the late 1990s can’t imagine.
Maybe your kids will make not your experiences by staying fully invested but the experiences of the other ones?
