Read "Pioneering Portfolio Management" by David Swenson, the guy who runs the Yale endowment. Fascinating book on investing; one of his "super powers" as an investor is the fact that the Yale Endowment is immortal, and can invest on 100 year timelines. The rest of us who need to retire can't afford to think like that.
But if you can afford to think like that, new opportunities open up that no one else can compete with you on.
And that time perspective makes issues like the dot-com crash or the 2009 financial crisis look laughably irrelevant. If you zoom out the performance graph to the entire history of the US stock market, the great depression looks a bit more like a temporary downturn, whose total value is a small percentage relative to today's current level.
But if you can afford to think like that, new opportunities open up that no one else can compete with you on.
And that time perspective makes issues like the dot-com crash or the 2009 financial crisis look laughably irrelevant. If you zoom out the performance graph to the entire history of the US stock market, the great depression looks a bit more like a temporary downturn, whose total value is a small percentage relative to today's current level.