Not all individuals can invest directly and earn above-market returns for long-term. Buffet’s long-term CAGR is ~20%. I feel 15% CAGR over 15-20 year period would be excellent result. As such 12% CAGR for 30 years would be very good result too, which mutual funds can provide easily.
People like your friends all getting attracted to the returns achieved in last 2 years, the market won’t be like that forever. When bear phase starts, many will quit direct investing.
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