Mean reversion matters

Look at the chart of MSCI India (Investable Market Index – IMI). It peaked in Jan. 2008. Now, nearly a decade later, we are not there yet. Timing is important and hence, when you invest, what you pay for growth or value matters.
A friend of mine pointed out that, since inception, the average real return on MSCI India (IMI) appears to be  either zero or even negative.
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