What Does The Number 120504 Tell You About Investing?

Written and edited by Harry Rubins for his clients and friends.
Not intended as legal or tax advice.
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Long Term Investing Takes Patience

Over the last 10 years (120 Months), 50% of the appreciation in growth mutual funds occurred within the time period represented by 4 months (3.3% of the time for 50% of the gain).

"Stock markets are extremely efficient at transferring wealth from the impatient to the patient."