Since June 2008, when my parter and I started our stock investment account together, the S&P 500 (the benchmark I measure myself against) has returned 161% up the end of August 2018, including dividend reinvestment.

My returns in that same time period are 243%. (Neither adjusted for inflation.)

You can’t beat the market over the long term. Some people can. I think I could do it up to about $100 million. After that, I’d start moving the market myself too much and people would notice and copy my strategy.

We’ll see how the next 10 years play out. It’s going to be tougher than the past 10, which were cake, I can tell you that.