I have never picked a stock.

I have done one boring thing with money for thirty-four years.

The same amount, into the same fund, on the same day of every month. I did not stop when the market fell in 1987. I did not stop in 2000, or 2008, or 2020. There were months when it felt like shovelling money into a fire. I shovelled anyway.

I have never picked a stock. I have never followed a tip. I have never moved my money because someone told me the timing was right. I have not always understood what the fund was doing. I did not need to. The instruction was simple enough: keep going.

What I did was not clever. Anyone could have done it. Almost no one does, because almost no one can tolerate the boredom long enough to let it work.

The market rewards patience not because patience is a virtue but because impatience is a weakness. Every time a clever man moves his money, he creates an opportunity for a boring man to sit still and collect it.

I am a boring man. I have been a very comfortable one.

You do not need a better strategy. You need a worse one, held for longer than feels reasonable. The wealth is not in the selection. It is in the repetition.

Start boring and stay boring. The looking is what kills it.

Yours sincerely,