This is one of the most important charts to understand. People want to diversify, but all they see are fiat profits. If you measure in hard money, S&P500 did not rise since the 1970s bull. And if we don't count the dot com bubble, the market is more or less sideways.

I'm not saying you can't make money in S&P500. Gold grams cost averaging would probably made some profits, and you would make some amount in dividends.

What I'm saying that traditional "invest in the whole market and you will be profitable" is actually a fiat illusion. Add to that the fact that holding the asset itself is full of political risk - your holdings are managed by a custodian and can be confiscated.

Another problem is that the illusion of profit (profit in fiat terms) is treated as taxable income. You would pay lots of taxes without actually increasing your purchasing power.

Looking at it, I would rather just hold gold. In many countries, gold appreciation is not taxed, you can hold it yourself, thus vastly decreasing political risk. And you can also use it as a collateral for a fiat loan, which is quite nice in inflationary fiat environment.

And if diversifying, diversify into Bitcoin, not among fiat assets, because there, the fiat / political risk is correlated.

If you don't change anything else though, I suggest looking at your portfolio in terms of gold grams and sats, that removes the illusion of fiat profits and you are getting a better look at how your savings / investments actually perform.