The investor with 66% annual returns ended up 4× poorer than the one with 22%. Housel's point about time, with an Indian example.

From Morgan Housel, The Psychology of Money (2020):

\- Jim Simons compounded at 66% a year since 1988. Net worth at the time of writing: $21B.

\- Warren Buffett compounded at roughly 22%. Net worth: $84.5B.

\- Buffett started serious investing at 10; Simons found his stride at 50.

\- $81.5B of Buffett's $84.5B came after his mid-60s (about 96%).

\- Housel's thought experiment: had Buffett started at 30 with $25,000 and stopped at 60, same 22%, he'd have about $11.9M.

Indian illustration (my calculation, assumes 12% a year, before tax and inflation):

₹5,000/month from 25 to 60 → ₹2.76 crore (₹21 lakh invested)

₹5,000/month from 35 to 60 → ₹85 lakh (₹15 lakh invested)

Ten years of delay costs about ₹1.9 crore. Not a forecast, just the arithmetic of compounding.