I think we need to consider the form of Investor that is investing long-term, and then consider the form of investment that is appropriate for each form of investor.

For us as individuals, investing through stocks is a good choice. Focusing on the long term is also a good discipline.

For us as participants in a professionally managed pension fund, the fund is not like us. It has scale we do not have. It has longevity we do not have. It has purpose that we do not have. It has power that we do not have.

For pensions, going direct is the better investment form, participating directly in wealth creation, as it is created. As individuals, we benefit from this indirectly, in the form of income security in our retirement.

For pensions, it's not about either short term, or long term. It's about constant prosperity in a perpetual present, both now and later.