AN IMPORTANT LESSON FOR ALL INVESTORS. KEEP IT SIMPLE

Yes, over a very long-term period, which includes multiple up and down marketers, keeping it very simple to the point of only rebalancing your portfolio once a year will produce more returns than having to reshuffle your investment portfolio every month.

Private investments are a need-to-do not a nice-to-do.

This implies that to be a good fiduciary of trusts or family wealth, one needs to construct complex endowment- like portfolios that traditionally include large amounts of private investment.