The real thing to note is:
- Let’s ignore the “high” of 2007 – just to believe it was an outlier.
- the highs of 2010 and 2015 were much higher in the Nifty, but they are actually lower in inflation adjusted terms.
- As much as it remains true that stocks should beat inflation in the longer term, have they really? Today, we are lower than the highs of 2008 by a large number. We are even lower than the highs of 2010 – and that is literallysix years of nothingness.
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