The stock market is showing signs of life in 2023 following last year's terrible performance. It's evident from the 9% gains that the Nasdaq Composite index has clocked so far this year, which goes to show that patient and savvy investors willing to take advantage of the drop in the share prices of solid companies could multiply their wealth in the long run.

After all, the stock market is capable of averaging solid returns in the long run despite periods of volatility. This is also evident from the performance of Tesla (NASDAQ: TSLA) over the past decade. A $10,000 investment in shares of Tesla a decade ago is now worth nearly $800,000, with the stock averaging annual returns of close to 56% despite periods of volatility.

So, if you have $10,000 to spare right now -- which means that your bills are paid, there is no high-interest loan such as a credit card debt, and there are enough savings for a rainy day -- you may consider buying this electric vehicle stock before it heads higher, as it has the potential to replicate its terrific gains over the next decade. Let's look at the reasons why.

Continue reading

Source Fool.com