What is long term in equity investment
Most of us hear market experts talking about equity investment are for the long-term. Hardly, we ever hear what long-term in absolute term is. If we consider the tax department anything related to equity is long-term if it is held for one year. We will define long-term as that period when the chances of you losing money is negligible.
To know what the long-term in equity investment is, we carried an exhaustive study of the BSE Sensex since its inception in 1979. We took the daily closing price of Sensex and calculated the rolling returns for different time frames. The time frame that we chose was 1-year, 3-year, 5-year, 10-year and 15-year.
Our study shows that 15-year time period is the period when the equity market has never ever given a negative return. This covers period from the start of March 1979 till the end of May 2019. There were total 5,461 periods. The average annualised return provided during this period was 11.5%, which is similar to other periods.
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)
The above plot clearly shows that median return remains almost same for whatever time you invest in equities. Nevertheless, the variability is highest in 1-year annualised returns and it falls as we increase the tenure of returns. The graph clearly shows that for the 15-year period there is no negative returns.
The following table shows the other important characteristics of the Sensex annualised returns.
Average | 18.6% | 14.5% | 13.9% | 12.8% | 11.5% |
Median | 12.5% | 10.8% | 11.8% | 12.3% | 11.3% |
Min | -62% | -21% | -11% | -7% | 4% |
Less than zero | 2673 | 1756 | 1315 | 339 | 0 |
% Of Time Negative Return | 29.7% | 20.7% | 16.5% | 5.0% | 0.0% |