Don't Let the Stock Market Moves Strike You

You once wrote, the stock market is a giant distraction to the business of investing. Explain. Investing is about earning what I call the investment return, which is the dividend yield when you go into the stock market and the earnings growth that follows. That's investment return. The market return also has a speculative return, and that is the price earnings multiple of the valuations higher or low when you come in. If they're high, they're going to detract from that return; if they're low, it adds to them.