Strategy, structure, and the discipline behind durable wealth — written for people building it in real time.
Wealth has three inputs — what you contribute, what you earn on it, and how long you leave it alone. Most investors spend nearly all of their attention on the one they control least, and the arithmetic is not close.
Between 1926 and 2016, slightly more than 4% of US listed companies accounted for the entire net wealth created by the stock market. The other 96% collectively matched Treasury bills. Here is what that fact demands of how you build a portfolio.