RE:RE:RE:RE:Dave45X
Yes, that is exactly the situation, I have often told my kids that if you take $10,000 and can double it 7 times, you will be a millionaire. As it goes 20, 40, 80, 160, 320, 640, million.
The fact is that over the last 16 years my average rate of return has been about 24% which is a doubling every 3 years on average, with wild year swings, from a loss of about 30% in a painful 2008 to a great 180% in 2009 and everything in between. It has been like a basketball bouncing uphill, not at all a smooth climb, I made great money on oil and gas in the Jan to March 2016 period, but got hit hard in the Fall of 2018. This spring, even thought I went mostly to cash when I heard about Covid, I still lost about 20%. In fairness, the gains were not all oil and gas, in March due to the Covid gold stocks tanked, but with all the money printing the low gold stock did not make sense to me so I bought a lot of gold stocks rather than energy and was rewarded. Like I say I am both an energy and a mining guy and switch back and forth. I am still working on that last double which has proven to be a little harder than the first few, but taxes also come into play and make it harder, fortunately 2 of my three accounts do not pay tax, those being the RRSP which is only taxed on withdrawal and the TSFA which is not taxed at all.