Veteran investor and BSE Member Ramesh Damani has debunked one of the most persistent claims in Indian investing circles — that gold outperforms equities over the long term.

Speaking to CNBC-TV18 at Motilal Oswal’s 30th Wealth Creation Study event, Damani called the belief “nonsense”, arguing that stock market returns are consistently understated because investors tend to ignore key components such as dividends, stock splits, bonuses, and valuation re-ratings that significantly enhance long-term equity wealth creation.

According to Damani, comparing gold and equities solely on headline price appreciation presents a misleading picture. “When you buy equities, you get splits, bonuses, and dividends. If you would have bought an ounce of gold in 1980 at $1,000, today it is $4,000 an ounce. A

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