The importance of taking a long-term perspective!

"That leads to the second theme, the importance of taking a long-term perspective. You simply cannot judge results in a probabilistic system over the short term because there is way too much randomness. This creates a problem, of course; by the time you can tell an investment process is poor, it is often too late to salvage decent results. So a good process has to rest on solid building blocks."

The importance of taking a long-term perspective!