Other Views: Stock market returns are almost destined to be significantly lower in the next era
In the world of finance, one thing that will certainly remain the same is that investment success will be represented by the allocation of market returns between investors on the one hand and financial intermediaries on the other.
That is why beating the market remains a loser's game today, just as it has been over the past 50 years and, for that matter, forever. The title of a popular 1940 book pungently summarized the idea: "Where are the Customers' Yachts?"
Yet while the market is the same old formidable foe, the returns
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