Investing for a Lifetime

If a mutual fund manager lasts for seven years, that's the average. You're going to have 10 of them. Average fund goes out of business, 10% every decade, 50% every decade. There is no way you can own three or four mutual funds and beat the market over 70 years. People have to find their own way in this life. I had to find my own way. A lot of bumps along the way. You got to be able to take defeat and turn into victory. This field is going to shrink hugely. There's no question about that.