Investing in MF and stocks are 2 different things, SIP or otherwise.
SIP is MF is due to the reason of not timing the market, which is time consuming to certain extent, and the investor may feel to not invest and wait, citing high valuations or low valuations, and as such, he may miss certain periods of time, which may impact the overall return. So, invest irrespective of the levels of the market, irrespective of the valuations, at regular intervals. There have been some articles, studies done on SIP or other ways yielding results, one can look at them to see the differences, if there are any.
SIP in stocks is different, one can look at business, valuation, chart and take decisions, which need not be at regular intervals. Even, if one wants to build a position in a stock, it need not be at regular intervals, there are many ways to do it depending upon a lot of things, say market falls in a particular week, and the stock falls by 10% in the same period, and this could be an buying opportunity. Many ways to do this.
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