Everyone knows stocks have delivered the goods over the long run, but equities also suffer periods of underperformance. In the UK, stocks have beaten cash in 69 per cent of two-year periods, 76 per cent of five-year periods and 91 per cent of five-year periods. The latter figures show stocks often underperform over long periods. Indeed, although UK equities easily outperformed bonds over the past 50 years, they underperformed over the past 10- and 20-year periods. Buy and hold usually pays off, but the wait can be long.

Source: The Irish Times May 31, 2021 23:00 UTC