Only investors who can wake up after more than two years will be the long-term winners in the future.

There are only two types of people who can make stable money over the long term:

• Those with unlimited external cash flow, who can buy the dip across cycles and stubbornly hold through valuation slumps;

• Those who thoroughly understand cycles, stay in cash most of the time, and only strike when valuations have been thoroughly crushed and a clear major trend emerges, making only a few trades a year.

The remaining 80% to 90%,

regardless of education, technical skills, insider information, or institutional titles,

over the long run, are all slowly harvested by the market.