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With a gradually shrinking population and a corresponding shift in demographics, there’s not much economic growth to be had. I wouldn’t expect the aggregate worth of publicly traded companies to outrun economic growth in the long run.

The working age population in China and the EU has been declining for a while (not nearly as fast as Japan’s (-1.35%)).
US working age population growth has slowed to a crawl.

What does that tell us about the future of the stock market?
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