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To adopt a defensive compounded growth strategy, try focusing on lower liquidity, lower risk and higher returns. In my view, all investments comprise a combination of these three factors(trifecta), in which one will always fall short. Here are a few examples to illustrate this:
A saving account, gives you higher liquidity(good), lower risk(good) but lower returns(bad). Stocks in general, gives you higher liquidity(good), higher returns(good), but higher risk(bad). Property investments give you higher returns(good), lower risk(good), but lower liquidity(bad). Of course these are pretty much generalizations, as there will always be individual nuances that changes the rubric of your investment.
Assuming you buy into a 15 years tenure 5.125% pa bond issued by a stable company(250k capital guaranteed). Invest $2000 on a monthly basis into another 5.125% or higher yielding defensive stock. Then compound the interest you earned back into the same instrument once a year, every year for 15 years(once your equity reaches 250k, convert it into another lot of the same bond). The latter two will be your hardest challenge, as you will have to choose a defensive stock that gives you an average of 5.125% pa or more consistently for 15 years.
This to me, is a defensive strategy focusing on compounding and interest returns. You are trying to adopt a long term 15 years strategy, with the aim of maintaining your yield and price till the end. With the main bulk of your investment in bonds that are capital guaranteed and with you taking slightly lesser risk from your defensive approach as compared to a pure equity approach, you will be less exposed to the full volatility of the stock market.
The bonds may mature at the end of the 15 year period and you will get back your principal at par. The defensive stocks that you have invested and compounded may remain at your average purchase price 15 years later. Assuming both happened, you should be able to reach the 1 million dollar mark by the end of 15 years. A theoretical goal, but a goal worth working towards.