Jay Pestrichelli, CEO of ZEGA Financial, weighs in on why millennial investors need to practice more patience when it comes to investing.
Here's Pestrichelli's advice for investors looking to time the market.
"You have to think of the [market] long-term. I know we all want to pick the next big running stock, the one that runs up and it's really hard to pick winners. Even the best on Wall Street are only right 70% of the time, which means 30% of the time they're wrong on their picks. And so we like to recommend a core portfolio that is just invested in the indexes. You know most managers, most individuals don't even beat the S&P 500 so use that as kind of a core piece of your investment. You want to exercise your inner guru a little bit, you want to pick a few winners and do it, but just recognize that they're going to be wrong from time to time," he said.