Why Boring Investments Keep Winning

Every year brings a new asset class promising to make the old rules obsolete. Every year, the least glamorous portfolios — broad index funds, low fees, decades of patience — keep outperforming most of the people trying to beat them.

This isn't an accident of luck. It's a structural fact about markets: the more people trying to find an edge, the harder an edge is to find, and the more expensive it becomes to chase one. Boring isn't the absence of a strategy. It's the strategy that survives contact with reality.

The hard part was never understanding this. It's sitting still while everyone else appears to be doing something.