I quote this teaching from Robert Kiyosaki’s latest book – Conspiracy of The Rich.

We all know the definition of stupidity is doing the same thing over and over again and expecting different results. Yet, isn’t that what conventional investing advice asks of us – to keep investing for the long term, even when markets are crashing, and expect different results?

“In my lifetime, I have lost a lot of money. Yet with most losses came a valuable lesson. The primary reason I say this caller is asking a stupid question is because I believe she not only is failing to learn a lesson, she is actively making the same mistake. She is living out the definition of stupidity: Doing the same thing over and over again, and expecting different results.”

———————————

However i would like to add that, the above quote didn’t mean to say that all long term investment is bad; for example a good company with great fundamental under excellent management will definitely strive in long term. A long term investment like a rental property in a good location that provide positive cash flow can serve you for a long time. The above quote simply imply the common misconception in many people’s indiscriminated long term investment perception.