Let’s summarise what we have understood.

• Different countries lead at different times. No market stays at the top every year. Leadership rotates across geographies.
• Looking at 2010–2015, India delivered roughly 9% annual returns, while the Nasdaq delivered around 17–18% annually in dollar terms. A 50–50 allocation between the two would have produced a meaningfully higher blended return.
• Over long periods, even a few%age points difference in annual returns can significantly change outcomes due to compounding.

In the next chapters, we look at another layer of diversification that influences long-term returns: currency and sectoral rotation.