IMCV - Entering The Age Of Lower Stock Returns

• S&P 500 returns in the last decade were significantly above their long-term historical averages.
• But the combination of rising yields and high valuations will suppress further price increases in the next couple of years.
• The analysis of historical return patterns suggests that future long-term stock returns could also be lower than average.
• In such an environment, market timing and individual stock selection will become much more important.

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