The New Normal and the Future of Financial Markets

In the early to mid 2010s, financial bloggers were saying that valuations are really high. You should probably expect lower returns going forward. We ended up having above average returns over the next two decades and a half. What you couldn't have predicted was what Apple, Microsoft, Google and Amazon were going to do to carry the weight of the S&P 500. The U.S. stock market returned like almost 14% per year in the 2010s. And I just updated to the 2020s through all the crazy ups and downs we've had, it's almost 12%.

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