> Of course it’s amazing that a pile of rocks can outperform the world’s best companies as an investment vehicle
I guess it depends on your definition of amazing.
If you assume -- and I'm not saying this is true -- that the value of "the world's best companies" trends at 8%/year with a +/-15% "variance", while the value of "a pile of rocks" trends at 0%/year with a +/-15% "variance", you would totally expect to see long periods where they yield comparable returns.
Personally, I don't find that particularly amazing, but to each their own!
I guess it depends on your definition of amazing.
If you assume -- and I'm not saying this is true -- that the value of "the world's best companies" trends at 8%/year with a +/-15% "variance", while the value of "a pile of rocks" trends at 0%/year with a +/-15% "variance", you would totally expect to see long periods where they yield comparable returns.
Personally, I don't find that particularly amazing, but to each their own!