I have been asked this question a zillion times and I have answered it a zillion times….so there is a sense of exhaustion.
So here is a Buddha Story……
One day an atheist comes to meet Buddha – and he comes early morning so that nobody can see him coming…and meets Buddha.
As soon as Buddha sees him, he realises that this atheist has come to ask him his favorite question -‘Does God Exist?’
Without batting an eyelid Buddha says ‘Yes’ – and the man goes away, thoroughly confused.
In the afternoon a pious man, comes and asks Buddha the same question: ‘Does God Exist?’.
Without batting an eyelid Buddha says ‘No’ – and the man goes away, thoroughly confused.
In the evening a man comes to Buddha and says..”Sir, I am a little confused some people say God exists, some people say God does not exist…If you tell me whether God exists or does not exist, I will KNOW the correct answer’.
Buddha remains silent, and the man goes away thoroughly confused.
Buddha’s favorite disciple asks him at night…’You gave 3 answers to THE SAME question…how is this right, and really what was the meaning of your answer’.
Buddha’s reply was ‘I gave the same answer to all the 3 of them’. The atheist wanted to hear ‘God does not exist’, I broke his myth. The pious man wanted to hear ‘God does exist’ – I broke his myth too. The 3rd person wanted a readymade answer – to him the message was ‘go and find your OWN answer’ ….so the answer to all the 3 of them was the same.
Now cut to the Equity markets. There are people who do not like me, do not know me, do not want to pay any fee….but when they get to see me or read my blog, they ask me ‘Will Equity give the best returns’. The worst thing is they will not be happy with this answer. They will continue to do what they want. They will continue to ask whomever they meet the same question. In the meanwhile whenever they see equity markets go down they will call and say ‘See markets have gone down…NOW what to do?’ .
My take: Personally I have done very well with equities for myself and a few friends. I have seen 70% cagr on a portion of my portfolio over 10 years plus. Frankly the equity markets (like God) does not care what Warren Buffet, Ken Fisher, Mukesh Ambani, or any other Tom, D or H think or want it to do. It does what it does. Frankly to me it is a waste of MY time answering questions like this. Many well paid, highly qualified skeptics who do not want to pay any fee want ME to review their portfolio, tell them what to do with their money, etc. – and I have no use what they will do with the advise. Frankly to me it does not matter.
For my fee paying customer, I am willing to answer such questions. That is my job
Source:Subramoney.com