Future and Past for successful investors

“The future will not be as good as the past but it doesn’t have to be.” This statement from Charlie Munger summed up his thoughts on public markets. Public market in the U.S. will not repeat the success of the late 90s in the 21st century.

Successful investors seem to focus on smaller, private markets, where it's more difficult to invest and where there's less competition. It's worth noting that advances in communication technology and the huge amount of capital created in the second half of the 20th century have created a more competitive public market.