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From: ltlee1@hotmail.com (ltlee1)
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Subject: "...we are in a " Roaring 20s" that will see the S&P 500 hit 10,000 by end
 of this decade."
Date: Thu, 26 Dec 2024 14:37:31 +0000
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From
How to Prepare for a 'Lost Decade' in Stocks -- Barrons.com

"Stocks have logged a historic run thanks to AI,  Nvidia  and other
growth drivers, but some  Wall Street  strategists warn the market will
spend the next decade feeling winded. While the warnings are worth
heeding, there are ways to protect yourself and possibly avoid a "lost
decade" for stocks.
Steep valuations and extreme concentration in tech are the main causes
for concern, according to Goldman Sachs. The market's
cyclically-adjusted price-to-earnings ratio has reached 38 -- putting it
in the 97th percentile going back to 1930, Goldman noted in an October
report. Thanks to tech's big rally -- yes, we're looking at you
Magnificent Seven -- market concentration is in the 99th percentile.
The upshot, Goldman says, is that investors should expect annualized
returns of 3%, or 1% after inflation, for the next 10 years.
Goldman is hardly alone in expecting meager gains. Vanguard issued a
similar forecast, pegging  U.S.  stock returns for the next decade at
2.8% to 4.8%. J.P. Morgan strategists predict 5% returns.
Dissenters say the bears are too pessimistic about the dynamic  U.S. 
economy and its growth potential. Economist  Ed Yardeni  expects big
productivity gains, driven by innovations like AI to support the S&P
500's historically high forward price-to earnings ratio, which sits at
about 22. And he hasn't backed off his longstanding view that we are in
a " Roaring 20s" that will see the S&P 500 hit 10,000 by end of this
decade."