"Life's Been Good" is a song by American singer-songwriter and guitarist Joe Walsh that first appeared on the soundtrack to the 1978 film “FM”. The original eight-minute version was released on Walsh's fourth studio album, “But Seriously, Folks...”, in 1978. An edited four-minute single version peaked at No. 12 on the US Billboard Hot 100, remaining his biggest solo hit. The song was released when I was 13 years old and in 7th grade. I loved the lyrics, the self-deprecating humor, and the amazing guitar work then, and it is still a favorite when I hear it on XM radio today.
Source: Discogs
In the song, Walsh satirically reflects on the antics and excesses of the era's rock stars, with nods to drummer Keith Moon of the Who and others: "I live in hotels, tear out the walls/I have accountants pay for it all", and "My Maserati does one-eighty-five/I lost my license, now I don't drive", based on his own experience. For those of you who are not aware of the northeast Ohio connection, Walsh attended Kent State University and played with several local Ohio bands before reaching national fame with the James Gang, whose hit "Funk #49" showcased his skills.
For those of you who would like a fun pick-me-up song to boost your day and your mood, I have included a YouTube link to the official audio of the song below. The second link is Joe Walsh performing this song with Daryl Hall at his home studio from the TV show Live at Daryl's Place. It is always fun to watch awesome musicians explore music together.
Joe Walsh - Life's Been Good (Official Audio)
Daryl Hall and Joe Walsh - Life's Been Good
Life has also been good for long-term stock market investors. That is, of course, if they held on through the multiple and inevitable bouts of volatility we have experienced over the last decades. I have shared with you previously that I started my career as a financial advisor in August 1987. This means that within two months of starting the business, we experienced the stock market crash of 1987, the biggest one-day drop in the stock market since the beginning of the Great Depression more than fifty years earlier. I love the chart below because it shows my journey over the last 37+ years through the lens of global stock market events and volatility.
While the upward slope of the MSCI world index is obvious, it has been far from a steady ride. The 17 black dots in the chart above represent the calendar years that coincide with 22 different adverse news events that negatively impacted the global stock market advance… temporarily. These include multiple financial crises, geopolitical events, and international health crises that occurred. The primary lesson here is that you had to stay invested throughout the entire time frame to reap the benefits of growth and compounding.
Many people look at the chart above and think, “That’s great if I have 30 years or more to invest in the stock market. What happens if your timeline is shorter than that?” Luckily, the second chart below helps answer that question. It shows the percentage of positive returns based on how long you hold money in the US stock market, as represented by the S&P 500 index. This data goes back nearly 100 years to 1928, just before the stock market crash of 1929 and the ensuing Great Depression.
The good news is that the odds are overwhelmingly positive for patient investors who have at least a year or longer. As you can see in the chart above, you would have a 53% chance to make a profit in the stock market on any given day. That rises to 75% if your holding period is one year, 84% if your holding period is three years, 89% if your holding period is five years, and 94% if your holding is 10 years. If you are a long-term investor in a 401K plan or IRA that you will be allocating to and holding for 20 years or longer, your chances of success historically are 100%. Those are better odds than you would get in any casino.
Stocks for the Long Run is a book on investing by Jeremy Siegel, a professor of finance at the Wharton School of Business at the University of Pennsylvania and a contributor to financial publications such as The Wall Street Journal, Barron's, The New York Times, and the Financial Times. The book also takes a long-term view of the financial markets. Siegel argues that stocks have returned an average of 6.5 percent to 7 percent per year after inflation over the last 200 years.
Source: Amazon.com
The book’s first edition was released in 1994, and its most recent, the sixth, was released on October 4, 2022. Joe Walsh and his Eagles friends apparently agree with the book's sentiments, as they also released an album and a single titled The Long Run in 1979.
Source: Wikipedia
Warren Buffett's longtime business partner, Charlie Munger, said, “The first rule of compounding is never to interrupt it unnecessarily.” In my four decades as a financial advisor, I have seen plenty of news and noise that would scare someone out of the market and violate Mr. Munger's rule. Every time the market goes through one of these volatility events, including the recent 10% drop in February and March of this year, the media screams that the end of the world is coming…yet again. We know from looking at the first chart above that the world didn't end despite the uncertain and volatile events we have lived through since the mid-1980s.
The CFPs of Impel Wealth Management want you to look back on your investment experience and say, “Life's Been Good.” We will continue to provide guidance and wisdom to you, our trusted friends and clients, when storm clouds form on the economic and investment horizon. We understand that it is natural to feel fear and anxiety when the headlines are continually screaming at you. However, we will do our best to keep you from interrupting the compounding as we continue “Moving Life Forward.”
© 2025 Jesse Hurst
Senior Wealth Manager
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The views stated are not necessarily the opinion of Cetera and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.
Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
Investors cannot directly invest in indices.
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