Introduction
For today's analysis of Edwards Lifesciences (EW) stock, I calculate what I consider to be the two main drivers of future total returns for stock investments: Returns that come from changes in market sentiment, and returns that come from earnings. I calculate these expected returns based on the previous economic cycle, and then I combine the two return expectations to get an expected 10-year, full-cycle CAGR estimate. I also check to see if there is anything that might make this cycle different than those in the past. Currently, I consider an expected