In 32 years in this industry, I have seen the winners and the losers, and the difference between success and failure is not urgency, it's time frame

In 32 years in this industry, I have seen the winners and the losers, and the difference between success and failure is not urgency, it's time frame. The older, more experienced and richer investors get, the longer they push out their time frame in the pursuit of steady returns. The young investor's big failing is the opposite - impatience topped by unrealistic expectations. I have heard advisers quote average equity returns of 14%, but the truth is the compound return from the All Ordinaries since 1937 is actually 5.77% before dividends. Come to equities relying on some long-term ''average'' and you might as well average sun spots. There isn't an expected return. Equities are risky and volatile. Expect it, work with it. Equities are not that hard, but the mistake the young and gullible will make is thinking that there is something predictable about it all. Read more: (VIEW LINK)