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Some investors believe they are conservative in nature, but expect returns of 15 per cent on their equity investments annually

According to a recent newspaper headline “51 per cent investors withdraw from equity funds within a year.” Nowadays, even a novice investor knows that equity gives ‘excellent returns’ in the ‘long run’. But like the mythical ‘elephant and the five blind men’, the meaning of 'excellent returns' and 'long-term' means different things to different people. 

Let’s look at each one of them separately. In a recent television show, I was surprised when a viewer said that the meaning of long-term to him was one year. Like this viewer, most investors have different interpretations of long-term, but the right answer is, at