The best investment advice- boring as it may be- is to save more money. Delaying current consumption to benefit your future self is one of the simplest ways an investor can stack the odds in their favor.

Legendary investor Stanley Druckenmiller’s is one of the more vocal bears around. His views are partially driven by the fact that in the beginning of the last secular bull market, multiples were low and interest rates were high. In plain English, stocks had a lot of room to run. Today, we are faced with the exact opposite situation; low rates and high multiples.

Whether or not you agree with Druckenmiller, it makes sense to be conservative when making long-term forecasts. It’s a better idea to prepare for low returns and be surprised than to expect high returns and be disappointed.

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Written By: Michael Batnick, CFA