Steven

You're much more likely to do well if you're like, hey, I just want average returns, but I want to be so durable and have so much endurance that I can earn average returns for 40 years. And if I can be average for 40 years, I'm going to end up in the top 1%.

You're much more likely to do well if you're like, hey, I just want average returns, but I want to be so durable and have so much endurance that I can earn average returns for 40 years. And if I can be average for 40 years, I'm going to end up in the top 1%.

if left to its own devices for a long enough period of time what is the like simple way to show them the power of it so take index funds which are just a very simple collection of businesses at a very low fee you can buy one stock but it's a collection of hundreds and hundreds of different businesses you own apple and amazon and coca-cola you own all the companies in the world

if left to its own devices for a long enough period of time what is the like simple way to show them the power of it so take index funds which are just a very simple collection of businesses at a very low fee you can buy one stock but it's a collection of hundreds and hundreds of different businesses you own apple and amazon and coca-cola you own all the companies in the world

And so it's the most boring, bland, average way to invest. If you invest in that in a very simple way and you do that consistently for 20 or 30 years with no skill, with no expertise, where you're not getting stock tips from anyone, it's the most boring way to invest. If you do it consistently for 30 years, you will almost certainly end up in the top 1% of investors.

And so it's the most boring, bland, average way to invest. If you invest in that in a very simple way and you do that consistently for 20 or 30 years with no skill, with no expertise, where you're not getting stock tips from anyone, it's the most boring way to invest. If you do it consistently for 30 years, you will almost certainly end up in the top 1% of investors.

You almost certainly beat literally 95% of Wall Street pros. who were trying to outsmart the market, trying to outwit the market and were unable to keep it going for 30 years. And so this is where if you can just be average for an above average period of time, you'll be amazing.

You almost certainly beat literally 95% of Wall Street pros. who were trying to outsmart the market, trying to outwit the market and were unable to keep it going for 30 years. And so this is where if you can just be average for an above average period of time, you'll be amazing.

I mean, it's probably similar in health that like if you want to be healthy, yes, you can go out and become the best bodybuilder in the world, the best marathon runner in the whole world. But actually, if you just work out just like modest workouts a couple times a week for 30 years, you're going to be one of the healthiest people in your town.

I mean, it's probably similar in health that like if you want to be healthy, yes, you can go out and become the best bodybuilder in the world, the best marathon runner in the whole world. But actually, if you just work out just like modest workouts a couple times a week for 30 years, you're going to be one of the healthiest people in your town.

If you can work out two or three times a week for 30 years consistently and eat a good diet consistently for 30, you'll be one of the healthiest people that you know. And it's the same in investing. It's like the people who do the best are not the geniuses. It's the people who are ordinary for a very long period of time.

If you can work out two or three times a week for 30 years consistently and eat a good diet consistently for 30, you'll be one of the healthiest people that you know. And it's the same in investing. It's like the people who do the best are not the geniuses. It's the people who are ordinary for a very long period of time.

Now, I like coffee. You do too. I don't want people to listen to that and say I should stop drinking my coffee. But it's a powerful example. There's a book called The Snowball, which is kind of the most detailed biography of Warren Buffett.

Now, I like coffee. You do too. I don't want people to listen to that and say I should stop drinking my coffee. But it's a powerful example. There's a book called The Snowball, which is kind of the most detailed biography of Warren Buffett.

And it would talk about how when he was on his adulthood, he wouldn't want to get haircuts because in his mind, a haircut would cost $10,000 because it was a $2 haircut. But if he invested that money – And the way that he knew he could and leave it alone for 50 years, whatever it would be, he didn't want to get a car wash because he would tell his wife, he's like, that's a $5,000 car wash.

And it would talk about how when he was on his adulthood, he wouldn't want to get haircuts because in his mind, a haircut would cost $10,000 because it was a $2 haircut. But if he invested that money – And the way that he knew he could and leave it alone for 50 years, whatever it would be, he didn't want to get a car wash because he would tell his wife, he's like, that's a $5,000 car wash.

She's like, what do you mean? It costs a dollar. No, no, no. But if I invest that money and leave it alone. So he was always thinking about not what something costs today, but what he could grow that money into in the future.

She's like, what do you mean? It costs a dollar. No, no, no. But if I invest that money and leave it alone. So he was always thinking about not what something costs today, but what he could grow that money into in the future.

And that's why he's worth a quarter trillion dollars today. It's because you go through 90 years of thinking like that, and it really adds up. Now, you always have to preface this by being like... Please drink your coffee and get a haircut. It's always a balance. But also understand how incredible it can be by putting away... Doing very ordinary things for a long period of time can lead to magic.

And that's why he's worth a quarter trillion dollars today. It's because you go through 90 years of thinking like that, and it really adds up. Now, you always have to preface this by being like... Please drink your coffee and get a haircut. It's always a balance. But also understand how incredible it can be by putting away... Doing very ordinary things for a long period of time can lead to magic.