If you are investing for the long-term (i.e. holding for years) then who is your competition? Mutual funds and hedge funds are totally focused on their quarterl

If you are investing for the long-term (i.e. holding for years) then who is your competition? Mutual funds and hedge funds are totally focused on their quarterly returns. Traders are measured in much shorter time frames. How many professional investors are investing for years? Warren Buffett, university endowments and pension funds [1], rich family funds, and other niches you don't hear about on CNBC. Perhaps the reason index investing works is because it forces people to invest for the long-term and avoid all the cognitive errors you mentioned. [1]: Most of these are run by morons. They are suckers for Wall St. sharks in expensive suits.