November 2024

I often note that the biggest risks in life are not in the stock market. If you want real risk, I say, get married. And if you want more risk, have children. People laugh because the point is obvious. Yet that point is regularly lost when we speak about financial well-being, neglecting life well-being. Financial […]

In recent weeks, several Wall Street market strategists have warned of lower expected returns for U.S. stocks over the next decade. Current valuations have been a common basis for these pessimistic views. The difficulty of predicting the absolute level of future stock returns over any period, particularly short periods, is well documented (see Welch and