Excess Returns The Pattern Is Staggering | Mary Ann Bartels on Why This Bull Market Is Just Getting Started
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Nov 23, 2025 
In this insightful discussion, Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth, shares her optimistic 2026 outlook for the S&P 500, forecasting a continuing secular bull market. She highlights the role of technology and AI in driving productivity and profits, while cautioning about potential market risks and corrections. Bartels also argues for the benefits of diversifying into international stocks and gold, emphasizing that investor skepticism indicates we’re not in a bubble yet. Her advice for younger investors includes focusing on compounding and long-term strategies.
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Secular Bull Market Projected To Continue
- Mary Ann Bartels argues we're in a secular bull market that began after 2013 and may run into 2029–2030.
- She estimates the S&P could reach 10,000–13,000 by decade-end if the cycle persists.
Historic Bubble Patterns Resemble Today
- Bartels overlays the NASDAQ with the 1920s and 1990s bubble patterns and finds a similar trajectory so far.
- She warns the pattern could mean the tech-led cycle is entering early bubble stages but not yet at euphoria.
Stay Invested But Prioritize Diversification
- Markets die on euphoria, not skepticism, so Bartels advises staying invested but diversified.
- She recommends monitoring position sizing as a potential bubble grows toward the decade end.