The stock market is a device for transferring money from the

 

 

 

The stock market is a device for transferring money from the impatient to the patient."
-Warren Buffett

The S&P 500 doesn’t deliver a smooth 8–10% a year.

That’s just the average.

Since 1900:
→ 68% of years were positive
→ 32% were negative

→ Average up year: +18.1%
→ Average down year: -14.9%

In other words, long-term returns may compound to ~10%…

But the path to get there is anything but (!) smooth.

So markets reward investors over time - but you're constantly tested along the way.

The real question isn’t whether volatility shows up.

It’s how you’re positioned when it does.