Any patient investor can turn $5,000 a year into nearly $1 million, says billionaire Ron Baron.
Key Points"It's all about compounding," the Baron Capital founder02:20It's wrong for people to think that they have to be wealthy to get rich investing in the stock market, famed buy-and-hold investor Ron Baron told CNBC in a Friday interview.
Baron has made billions of dollars by doing extensive research, buying the stocks of what he feels are undervalued companies, and keeping them for an average of about 14 years. But individual investors don't need to pick stocks, he said. "The simplest thing for people to do is buy an index fund."
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