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The Difficulty of Success in Investing Over Long Periods
The difficulty of success in investing over long periods of time is that times are continually changing. An investor might have a really good decade, but if they apply that same exact strategy the next decade then odds are they aren't gonna do as well because just times change and the environment changes. Vanguard did a study of investment managers that had over a 15 year period that both survived and then beat the market. Of the over 1500 funds they looked at, only 18% actually beat the market over the 15 year period.