Thank you for the reply @abhikjha
I think that is precisely the point of understanding cycles better. Had you invested in INFY in the 1990s and L&T in 2000-07, you would have taken advantage of the multiple rerating these companies enjoyed. But had you gotten in at the wrong time, you would have suffered.
Over a long term, the returns of all these companies beat the index, but most of the returns for INFY were made in 1993-2000, and those for L&T were made in 2000-2007. This is where the outperformance will come from for an individual investor.
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