Markets favour the long-term investor

Every day, the news on the TV, radio and the internet mentions the key international stock markets and how they have performed during that day. Any casual observer would be forgiven for concluding that stock markets are like casinos: gamblers have the opportunity to roll for high stakes and fortunes are made or lost overnight. This couldn't be further from the truth. It is true that there are a minority of so-called market traders who do gamble on the market on a day-to-day basis, but the vast majority of participants, knowingly or unknowingly, are long-term investors. Every day, billio...