In the FT, looking back at ten years of The Long View, John Authers offers investment lessons that may be summarized in five points:
- Always worry about costs and don’t try to outsmart the market. That is, hold index funds.
- Rebalancing pays off.
- Since getting the timing right is very hard, being out of the market is as risky as being in it.
- To beat the market, buying at low prices is key. But know what you know and what you don’t. Public markets are efficient.
- Money isn’t everything; in fact it’s not among the things that really matter.