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.
