In the year 2000 tech stocks went down 50 percent. I really try to encourage people to have a core part of their portfolio in index funds and a smaller portion in something that might be their favorites or something they heard about at a cocktail party. But they really need to have solid, broadly diversified ways of investing. I use them. I've used them for years.
Most experts advise buying and holding stocks or mutual funds for the long term.
Let's go back 10 years. You had nine years to the beginning of the year 2000 where you had on average a 15 percent per annum growth. At the end of nine years you will have doubled twice. I think we make this way too complicated. What is most important in my view is educating people, encouraging people that when things get a little tough, this is the time to hang on.