The 30-Year Outlook for U.S. Stocks
How much of the past will repeat?
Tuesday's column discussed the primary investment lesson over the past 30 years: Own equities. Own as much as possible for as long as possible. To a first approximation, it was never wrong to buy stocks, and never right to sell them.
Today's installment addresses the more difficult task of looking forward. It's one thing to appreciate how successful equities have been. It's quite another to determine whether their marvelous results will continue.