Decade-Long S&P 500 Bull Surge Is Running Into a Valuation Wall
- Equities outperform major asset classes over past decade
- Repeat performance needs historic earnings, valuation growth
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A monster 10 years for US stocks has showered money on the buy-and-hold faithful and made virtually every other asset class an also-ran.
So great have the gains been that some fairly simple math shows that however roaring the 2020s turn out to be, reprising the last decade’s bounty will take near-miracle expansions in earnings and valuations.