Yes, history has been kind to the long-term equity investor, but since the quality of life is experienced at the emotional level, what good is a big stock portfolio if it lands you forever on pins and needles?
The trader whose personal true story is in my opinion the greatest and most instructive ever told among trading/investment stories, spoke to what it takes to make it in the market; which, to no small degree, means to remain unshaken during those inevitable setbacks:
That is about all I have learned—to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary. I have been short one hundred thousand shares and I have seen a big rally coming. I have figured—and figured correctly—that such a rally as I felt was inevitable, and even wholesome, would make a difference of one million dollars in my paper profits. And I nevertheless have stood pat and seen half my paper profit wiped out, without once considering the advisability of covering my shorts to put them out again on the rally. I knew that if I did I might lose my position and with it the certainty of a big killing. It is the big swing that makes the big money for you.