Elroy Dimson

But then when you're, say, 82 years old, you'll have nothing left.

The reason I like that is that it helps you focus on how long you should be working for.

Some people have a job like mine, which they just enjoy.

But for other people, they would quite like to stop working.

And I think the

stage at which they will be able to stop working or something which they could do with guidance, financial advisors don't think about it that way around usually.

Your listeners will be a range of ages because you're young, you have some young listeners, but you also have some people who've got quite a lot of wealth.

I think part of the story is for them to know who they're investing for, what chances they can take.

And the optimistic ones will be ones who have the good fortune to be able to invest for their children, their grandchildren, for charities or whatever.

In the end, they'll spend their money on.

How can they be optimistic?

It is through living modestly and investing for a future which stretches out a long way beyond their life if they're fortunate enough to be able to afford to invest that way.

Well, if you're pessimistic, you're still going to put your money somewhere.

So that means that you are not like the optimists that invested in the stock market, but you're going to stick your money in the bank.

over any reasonably long period, you are likely to lose purchasing power from doing that.

So if this is money you don't need for the near future, then you should be investing for the long term.

You still need some liquidity.

I came to New York at one stage in 1999, the peak of the TMT bubble.

And at that stage, there were taxi drivers who would tell you

that they are planning for their daughter's wedding or their son's bar mitzvah or whatever it was.