The S&P 500 has achieved a 10-year return of approximately 13% per annum, despite experiencing around three bear markets during this period. Investors are reminded that returns in the stock market are not linear; some stocks may underperform for extended periods before significantly increasing in value. Patience is emphasized as a critical requirement for successful investing, particularly when market fundamentals and stock prices may diverge over time. Timing is also highlighted as a crucial factor in investment success, with the potential for significant returns even if many aspects of an investment are misjudged. Additionally, maintaining confidence in the face of losses and unforeseen negative events is vital for stock-picking success. Experts advise that staying invested over the long term—spanning five, ten, or even twenty years—maximizes the benefits of compounding returns, especially during periods of market stagnation.