We do not welcome times of fear rather, we welcome the lower prices that such times produce, a concept succinctly captured in Shelby Cullom Davis’ famous observations: “You make most of your money in a bear market, you just don’t realize it at the time.” The same business purchased at a lower price will mathematically produce a higher return. If, instead, your neighbor was panicking and offered you the business for $500,000, your return would double to 20%. Buying this business for $1 million would give you a 10% future return. Imagine you had a neighbor who owned a local car wash business that reliably produces $100,000 per year of income. The first is learned from experience and the second from arithmetic. Second, lower prices increase future returns. To understand why, we recognize two simple truths.

As investors, however, we know that remaining unemotional through turbulent times is a requirement for success. As citizens, we do not wish for times of fear and suffering. So why is this a good time for long-term investors?Īs anyone who watches the news can see, the struggles that individuals, families and our country face are not to be taken lightly. stocks, soaring global inflation and implications of a recession.

As we write this review, there is war in Ukraine, a bear market in U.S.

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