Long term investing is not easy. Investors are often excited about the magic of long-term holdings and the ease of multiplying their returns. However, it is very rare to hold stocks for a long time. It is even rarer to get hundred-baggers from stocks. Why is it not easy to achieve with such a proven investment strategy? Pick a stock, say Amazon (NASDAQ:AMZN), open the 10-year chart and voila, you see a hundred-fold increase. Where Value Comes From In 1977, Buffett published an article “How Inflation swindles the equity investor” in Fortune Magazine, in which he mentioned the source of value of stock investment. “For the moment, let’s think of those companies, not as listed stocks, but as productive enterprises. Let’s also assume that the owners of those enterprises had acquired them at book value. In that case, their own return would have been around 12 percent too. And  ...