What this article is suggesting, as are Kent and myself, among others, is we think historical levels of returns on investments are not likely over the next 40-50 years, which is what matters to those of you now in your 20s.I agree with everything you say but why do you use the 40-50 years? It doesn't appear to be supported by the historical facts. ( http://www.nber.org/cycles.html ) I doubt the economic cycles are dead. Shouldn't young people have multiple opportunities to buy low and sell high, in their life times, just as we had? These are wonderful opportunities if one can stay fixed on the concept of rate of return and avoid being influenced by the madness of the crowed. .
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