300 Years of investing

In layman’s terms, investors do what they do, because they want to end up with more money. How one would specifically define that objective, depends on each investor – not all of whom are rational.  The best definition of successful long-term investing is probably increasing wealth in real terms, i.e. a return higher than inflation, which leaves the investor with an increase in purchasing power. Furthermore, when acquiring an asset, the key driver of its value is its potential to distribute cash flows (dividends, interest or rental distributions and proceeds on sale) to the owner.

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