A wonderful analysis on long term investing across 15-year period starting 1995. Below is my favourite paragraph. Why? It emphasises how uncertain long term equity returns are.
Imagine being the investor who started in 1995. Seeing your portfolio exceed 1 Cr (₹ 10 Million) in January 2008, 14 years into your investing journey, only to see it plummet 60% to 40L (₹ 4 Million) late in 2008 before finally coming back to 89L (₹ 8.9 Million) by the end of 2009.
The 12% Myth: Estimating Long-Term Equity Returns