A conversation between two friends regarding equity mutual fund returns. M1: Did you check this out? Recent CAMS report on investment in mutual funds by millennials says 36% of mutual fund investors who redeemed in full from equity investments made losses M2: Yes, have seen the report. Nothing strange, given 50% redeem within 2 years. But there is more to it. CAMS report also says rest make money. Or redeem in profit. M1: That's good no. Majority of investors made money… M2: That's what the data says. Though me thinks data hides more than it reveals M1: Elaborate on your conspiracy theory on this data please M2: 1% return is also profit, and so is 5% and 10% M1: Ohh. Agree, data does not elaborate much on quantum of gains or profit. M2: Absolutely. Gains per se are irrelevant until and unless we know the quantum and that too in comparison with risk free returns M1: So at what level of returns should ...