This chart is a somewhat unorthodox one, but nonetheless reflect an important set of numbers. Each point on the line represents the average 10-year rate of return on a portfolio invested in Pakistani stocks that mimicked the KSE-100 index. The top line represents the absolute rupee-denominated 10-year returns, the middle one the dollar-denominated 10-year returns, and the bottom one the rupee-denominated inflation-adjusted returns. The fact that the line has not veered into negative territory since 2004 suggests that stocks, in the long run, are a profitable enterprise, or at least not a money-losing one. Indeed, in the long run, they offer the best return on investment for most investors who remain patiently invested in the equity markets, and do not engage in panic-selling or euphoria-buying. That the dollar-denominated returns line has remained above 10% for nearly the entire period under observation suggests that Pakistani stocks are an attractive long-term investment option even for foreign investors worried about currency depreciation.