If we're in this for the long - run (and I believe the
average investor should be, because we have no business dabbling in short - term trading), then the obvious thing for us to do is to
pick the best - performing long - run
asset — Stocks — no matter how it's doing «right now.»
Efficient market hypothesis says that it is very difficult for investors to
pick a group of stocks and beat the market, but it might be different in the case of
asset classes where it is possible to overweigh undervalued
asset classes beat the
average return of the global stock market.