J.L. Collins

So right now, tech has been dominating.

And one of the criticisms of these funds is, well, it's really just a tech fund because it's the Magnificent Seven are so dominant.

And

That's true.

But in the way I look at it, that's not a bug.

That's a feature because it's that self cleansing process that has brought them to the top.

And one of the few advantages of being an old guy is that you remember different times.

And I can remember when financials were at the top, when energy was at the top, when consumer staples were at the top.

So not only do I not know,

how long Tesla, for instance, will do great, I don't have to worry about it.

If they continue to do great, I'll benefit from that.

If they slide away, then I'll own the replacement.

I also don't have to worry about how long tech will dominate.

As long as it dominates, I'll benefit.

If it slips away, I also don't have to worry about what's coming up behind it, because I'll own that.

So I don't have to predict any of these things.

Yeah, so let's look at the depression first and then let's look at the first decade of this century because I think those are two good illustrations, right?

So when people say that the market dropped 90% and didn't recover to the 1950s, they are talking about the absolute peak in 1929 and then coming all the way back.

But if you'd been investing throughout the 1920s, you weren't buying those shares at the absolute peak.

So it's a little misleading.