From Morgan Housel at Collaborative Fund: The majority of your lifetime investment returns will be determined by decisions that take place during a small minority of the time. Most of those periods come when everything you thought you knew about investing is thrown out the window. How you invested from 1990 to 1998 wasn’t all that important. The choices you made from 1999 to 2001 shaped the rest of your investing career. What you did from September 2008 to March 2009 likely had more impact on your returns than what happened cumulatively from 2002 to 2007, or from 2009 to 2017. These moments have outsized influence on your lifetime returns, because extreme high or low valuations magnify the impact of investment decisions. The exponential nature of compounding means the decisions you make when assets are in a state of chaos are magnitudes more important than the ones you make when they’re tranquil. This is why periods when markets are transitioning from one game to the next (that is, ...

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