---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39263540.md"
description: "Actually, the main risk of value investingdoes not lie in "market volatility",but in "holding time".The shorter your holding period, the lower the certainty of your returns; the longer your holding period, the higher the certainty of your returns.The following are the worst average annualized returns of the S&P 500 index since 1928:1-year period: -44%5-year period: -13%10-year period: -2%20-year period: +2%30-year period: +8%Of course, this data basically comes from the Great Depression period of 1929-1933, the worst data in U.S. stock market history."
datetime: "2026-03-14T08:59:22.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39263540.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39263540.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39263540.md)
author: "[浩浩荡荡](https://longbridge.com/en/profiles/19784218.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39263540.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39263540.md)


# Actually, the main risk of value investingdoes not…