1. Benjamin Graham, who achieved an annualized return of 14% over his 30-year investment career.
2. Warren Buffett, 46 years, annualized return 20.3%;
3. Walter Schloss, 47 years of investment experience, annualized return 20.09%;
4. Peter Lynch, 13 years of glory, annualized return 29%;
5. Seth Klarman, 27 years, annualized return 19%;
6. Davis family, 47 years of perseverance, annualized return 23%;
7. David Swensen, 24 years, annualized return 16.1%;
8. James Simmons, 21 years, annualized return 35%;
9. George Soros, 29 years, annualized return over 30%.
These remarkable figures tell us that achieving over 100% returns in a year may not be difficult, but the real challenge lies in the ability to continuously obtain stable returns. A mere annualized return of 16% is enough to reach a master level. For ordinary people, if one can achieve an annualized return of several points, they can be considered a master among retail investors.
Long-term stability applies equally in other areas. Take reading for example; it is not impossible to cram dozens of books in a short time, but the real challenge is to persist for 10 years, reading more than 10 books each year. This cannot be supported by short-lived passion; it requires long-term discipline and perseverance. Writing is the same; producing a large volume of work in a few months may bring temporary satisfaction, but creating continuously for several years is the real challenge and the key to success.
In investment, market conditions are always fluctuating. In a good market, we may achieve returns of 30% or even higher, while in a poor market, we may only see 5% returns. However, as long as we persevere, over the long term, the annualized return can remain at a relatively stable level. It's like when we are reading; when we feel good, we might read a few more books, and when we feel down, we may read less, but as long as we maintain the habit of reading, the accumulation of knowledge will happen unconsciously.
Sustained stable returns and persistent effort are not only the keys to investment success but also important principles for achieving various goals in life. Whether on the path of learning, work, or personal growth, we are often attracted to short-term high achievements, yet we tend to overlook the power of long-term accumulation.
