The S&P 500 Could Go Nowhere For A Decade

The article cautions that assuming a 10% annual S&P 500 return is risky because historical averages obscure extended periods of nominal and inflation-adjusted stagnation. Recent equity gains have been concentrated in AI-linked growth stocks and supported by low inflation and accommodative policy, conditions that may not endure. The implication is weaker diversification and return assumptions for long-term portfolios if market leadership or macro support reverses.