SPVM - Equities Priced For Negative Returns For A Decade From Present Levels

• Some leading speculative measurements have waned over the past couple of months, and the trend continues this week with the tech-heavy NASDAQ leading broader markets lower.
• The small-cap Russell 2000 index that led large-cap stocks higher into March 2021 is now -6.3% from its high and has given back any outperformance against the S&P 500 year to date.
• With an unprecedented average price of 2.94 x revenue, the actual return for stocks is now priced to be -5% annually for the next 10 years.

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