Some Thoughts On Long Term Investing

Last week, I was having lunch with a prospective portfolio management client discussing the current market, economic backdrop, and the related risk to invested capital. During our appetizer of stone crabs and lobster-corn chowder, (if you ever drift into a Truluck's restaurant I highly suggest both) he discussed how his father had bought a basket of stocks 25-years ago and essentially performed in line with the markets during that time. Why shouldn't he just do the same?