The last point about Apple and Amazon is badly made. Of course if you picked two of the best performing stocks of the past two decades two decades ago and hung onto them till now you’d have done extremely well. The question is, if you didn’t put on your hindsight goggles and picked, say, two of the most popular stocks from 20 years ago and held them till now, how would you do? Or a random portfolio. I don’t dispute the “time in the market” heuristic. But that is a terrible way to try to prove it.