Here are his five lessons learned from the past three years:
- You can't call the economy in the short or intermediate term and neither can anyone else.
- Neither can you or anyone else call the markets.
- The more dramatic the next series of economic/market events will be, the less likely you can predict them.
- a) There is no statistical evidence for the persistence of investment performance; "future relative performance with respect to past relative performance is random."
b) At critical turning points in an investor's life, relative performance will not matter.
- The world did not end because it does not end.