What's more impressive performance, big sudden gains, or a long track record of beating the market?
I noticed something recently. When I see people posting about making hundreds of percentage point gains on the normal YOLO-subs, it really doesn't impress me or raise feelings of envy at all, but it probably would have when I was young.
If you get sudden gains, it was either based on luck or inside information.
I remember Howard Marks roughly stating that over a long period of time, the top performing investors were basically never in the top 5% for any given year. (This may not be the exact math, but that was the point)
I remember a long time ago that "swinging for the fences" always burned me, but prudent picks were usually boring, but performed way better over time.
Anyway, I sometimes wonder what other people's thoughts are when they see the 1000% YOLO gains. Is it envy, contempt, or totally meaningless to you?