 Good day, fellow investors. Now I want to discuss something today. I already mentioned it a few times, but it is very, very important and that is temporal diversification. What people forget is that their investing life cycle is usually 40 years. So you have 40 years to invest and then over those 40 years you have a lot of opportunities to buy things that are cheap at the moment. For example, two years, three years ago, I put most of my wealth in real estate because I thought it's extremely cheap and probably I will never ever sell what I bought then because the risk reward, it's a great business, how would they say, even if it's real estate, it's a great piece of real estate that I bought at a very cheap price and I hope to enjoy the benefits of that real estate for the rest of my life. So that was in 2015. Then when I will find other investments like that, perhaps it will be a stock, a great stock that is cheap. I will put a lot of what I own in that stock at that moment in time and hopefully hold it forever if I find such a stock. This leads to that over the long term you have a great portfolio by buying every year, let's say, something that looks very, very cheap. And this is exactly what Warren Buffett has been doing during his lifetime. Let me give you an example which will make it clearer what temporal diversification is. If we look at Warren Buffett's portfolio, you can see American Express, AT&T, Coca-Cola, and other companies. However, what's very interesting, look at the first American Express cost 1.2 billion, market value 10.5 billion, so a 10-bagger. This is because in the 1960s, he invested 40% of his portfolio in American Express. If we look at the companies that he owns 100%, we can see that the top company is Geico, where he in the 1950s invested most of his portfolio in Geico, later bought the company, part of the company, also at very, very cheap prices. I think it was $2 and then really turned it around. And later, he bought the whole company because of the float, of course, but nevertheless, he really invested a lot in Geico when it was cheap, where in insurances the business was extremely cheap. Going back to here, the Coca-Cola company cost 1.2, 1.3 billion, market value now 17 billion from this picture I have. However, he invested in Coca-Cola when it was extremely cheap. This is when Buffett was buying Coca-Cola. After the crash in 1987, he started buying Coca-Cola between 220 and 240. It's the price now and you will see how he did on that investment. However, he was buying 1.3 of the daily volume of traded shares during that period. And you can see how that on the long-term scale of Coca-Cola is one of the cheapest moments to buy Coca-Cola. Despite what the company is doing now and whether it's still a good investment or not, he bought it when it's cheap. And that's the key to temporal diversification. You buy something when it is very cheap and then even for tax benefits, you hold it forever, you enjoy the dividends and you reinvest the dividends, you do with the dividends, whatever you want. If you look at Coca-Cola's dividend and you look what Buffett has paid for it, you can see that 60% of his investment comes back in the form of dividends every year now. And if you do that over your investing life cycle of 40 years and you buy let's say 10-15 great investments that will lead to such returns of 50-100% of your investment in dividends after 20 years, you will be extremely well off with by limiting your risk because you're buying when it's cheap and taking advantage of market irrationalities. Now the market is very expensive, but there are always opportunities to buy something on the cheap. So when 20 years pass, you have a great, great portfolio of 20 stocks. This is what is temporal diversification and something that very few grasp because most are oriented short-term. However, if you look it from a 20-year plus perspective from a life of investing perspective, then you will appreciate temporal diversification. Similarly, Buffett has been buying Apple in the last few years, he is continuing to buy it because he thinks it's still cheap and he has a lot of money. However, if we go to see how much money he has, he has now more than 100 billion and he's waiting for new, better opportunities to buy whole companies on the cheap. I want to show you something else. This is the NASDAQ composite index since the 1990s. You can see how in the 1990s it was very cheap, then very expensive in 2000, then very cheap in 2002, then okay in 2007, cheap in 2009 and now it is extremely high as people are crazy about tech stocks and technology stocks. However, if you like temporal diversification, you wait for 2002, 2009 when those stocks are really cheap. Further, at some point in time, there are some countries that are really cheap, some other sectors that are really cheap. Look at if the long-term trend is positive, if there are some just temporary issues and then put all your money for that year that you invest monthly in that stock or sector. Over the very long term, you will find yourself with a beautiful portfolio, a really high dividends and very well off. Hope I have explained the concept of temporal diversification. I have already made a video a long time ago which has only 600 views, how I really wanted to do it again, improve it, because it's really the key to long-term investing. I'm really amazed by reading the comments about when I said the seven rules in my portfolio, how there are a lot of people that think like me, so we are looking at the same things, we are looking at the same portfolios positioning, we are investing the same and that's the beauty of social media where you can find like-minded people. So I was really happy when I was reading the comments on the seven truths about investing, you must know. So I'm really happy to see that there are so many like-minded people and temporal diversification is really a key to investing in the long term. Perhaps sometimes it will be good to start a business, then you invest the three years of time money in starting a business. Sometimes it will be good to buy real estate, sometimes it will be good to buy car manufacturers, sometimes it will be good to buy food stock, sometimes technology, whoever, whatever, you never know. However, if you think it from such a perspective of building a portfolio of wealth, of assets, of real valuable assets over time, you will do very, very well. Looking forward to your comments, thank you for watching, I'll see you in the next video.