The 10-Point Problem: Why Authoring the Benchmark Is a Higher Order Skill Than Long-Term Investing

There’s a quiet misunderstanding embedded in modern finance.

It assumes that time held is synonymous with difficulty, and that a longer horizon automatically implies a higher level of intelligence, sophistication, or consequence.

That assumption is wrong.

Authoring a 10-point move on the global benchmark, repeatedly and in real time, is not a smaller versi…