The gains in the US stock market in the last 30-40 years defy all logic. Is it really possible for the world's largest economy to grow about 15 times in just four decades? We'd have to be expanded to the moon and Mars by now.
My assumption is that the 401 k becoming a new societal norm around the late '80s (combined with very low to moderate interest rates the entire time) has led to this massive house of cards being built in the securities markets. And if either of those factors ever changes, especially the interest rates, then look out.
BUT....can anyone really guess when any of that might happen? I stopped trying to ages ago, and never should have to begin with.
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