Certain elements of long-term investment advantage are well-supported by evidence.
This whitepaper from Dimensional Fund Advisors offers some interesting insight into the performance of various investments over time—and the futility of speculation.
It’s the last of seven strategies in Pay Yourself First: A Financial Guide for Doctors Entering Practice:
“Choose your friends wisely. Remember, the concept of social comparison—the more uniform and expensive the lifestyles of your friends, the higher the pressure to comply with the implicit status expectations of your peer group.”
Really? How presumptuous.