FYI: As everyone who’s been invested for the last ten years knows, post-financial crisis stock returns have been incredible. The chart below highlights the total returns for the S&P 500 Index, the MSCI EAFE Index, the MSCI EEM Index, and the MSCI ACWI Index.
The results are hypothetical results and are NOT an indicator of future results and do NOT represent returns that any investor actually attained. Indexes are unmanaged, do not reflect management or trading fees, and one cannot invest directly in an index.
The market’s gone roughly straight up since 2009. And while some have enjoyed Mr. Market’s sentiment(1), others have consistently vented over seemingly expensive valuations. In many respects, the bull market since 2009 has climbed the proverbial “Wall of Worry.” In other words, at every step up the stock market climb, there have been plenty of reasons for the bull to die along the way.
Regards,
Ted
https://alphaarchitect.com/2018/08/03/a-qa-discussion-with-vanguard-researchers-on-the-fair-value-cape-ratio/
