What is a Long-Term Investor?

So many times I hear people describe themselves as a “Long Term Investor”

I am not really sure what that means or if they actually know what it means. The term was coined by the brokerage industry to appease disgruntled investors when their portfolio and more specifically (losses) looked discouraging.

The broker simply replies to his client, “You are a long term-investor. Don’t worry about minor corrections in the stock market.”

I was talking to an 85 year old man last night and he described himself as a Long term Investor. How could this be? He could die tomorrow!

Anyways, having heard this so many times, it becomes the same conversation every time when someone describes themselves as such.

I will post later a typical conversation I have with Long-Term Investors.