Saying that an investment strategy has averaged positive returns over 40+ years may be true, but is not necessarily useful information. Over very long periods o

Saying that an investment strategy has averaged positive returns over 40+ years may be true, but is not necessarily useful information. Over very long periods of time, there are many strategies that will provide an average positive return. In this context (retirement spending), investors have to weigh long-term growth with the need to withdraw money from the portfolio every year to live on. Volatility is thus an important consideration.