Catalyst & Investment Return in total length of holding period

Share price normally will go up more than usual if there is a catalyst to drive up the price. And this happen normally in a very short length out of total length of holding period. 

Value investing by Ronald Chan quoted “where one of the studies shows that 80% to 90% of investment returns have occurred in spurts that amount to only 2% to 7% of the total length of the holding period. The rest of the time, stocks' returns have been minimal” .