A good summary of investing history is that stocks [and real estate] pay a fortune in the long run but seek punitive damages when you demand to be paid sooner. . . . there's a "most convenient" investing time horizon—probably somewhere around ten years or more. That's the period in which markets nearly always reward your patience. The more your time horizon compresses, the more you rely on luck and tempt ruin.
-Morgan Housel, Same as Ever: A Guide to What Never Changes
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