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My favourite investing chart EVER

Jul 27, 2026

This video explains how stock returns are composed over different time horizons. In the short term (one year), the P/E ratio (multiple) accounts for about half of the returns. However, over the long term, revenues become the dominant factor, making up three-quarters of stock returns, while the multiple's importance diminishes.

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AAPLNeutralLow ConvictionResearch Only

Apple is used as an example to illustrate how the P/E ratio impacts returns within the first year of holding.

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