If you had invested 10 million RMB in VISA at the time of its IPO, it would be 2.8 billion today (including stock splits), with an annualized compound return rate of 20.5% per year. The annual dividends alone would now be 1/4 of the original investment! But over these nearly 20 years, there were 8 major crashes. For example, during the pandemic, it dropped 37% in one month. If you didn’t sell at the time, your portfolio would have instantly lost 75 million on paper, but it all came back within 6 months. The returns from holding good stocks for 20 years are astonishing.