Can you please elaborate on a market cycle?
Things go up and down in a certain time frame and for understandable reasons, owing to the demand and supply effects in the economic cycles. They never move in a linear or predictable fashion. In a couple of years time, you see the cyclicality of the market and the economic cycle for various sectors. So, it is called a market cycle - things going up and down and that's nature of the market.
We always say that an investor must experience a full market cycle. This is because if you're investing through the lean time, you'll not see returns. Rather, investing both during an upcycle and downcycle will help you build returns. While sometimes these cycles are longer, sometimes they are shorter. But in our sense, typically you are able to capture a good part of the market cycle in three and three-and-a-half years' time.