10 Years After

The U.S. stock market has been roaring for the past eight years and counting. Since bottoming in March 2009, the total returns for investors have been consistent and robust. But it has come in an environment where the underlying economy and corporate earnings have been lackluster at best. Thus, with stock prices growing much faster than underlying earnings for so many years, the market has become expensive not only on a short-term basis but also from a long-term perspective. And, this has important implications for the expected returns from stocks over the next decade as this valuation premium is worked off.

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