I’ve posted Entry #357 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called It Doesn’t Matter Much How Long It Takes for Prices to Return to Fair-Value Levels.
Juicy Excerpt: The annualized real return for stocks from January 2000 through December 2016 was 2.27 percent. We are today living through a time-period much like the one that my Buy-and-Hold friend described as a possibility a good number of years back. Investors are not earning enough to finance their retirements. Most of us think of stocks as continuing to do well enough because the only price crash experienced in that time was largely reversed within a few months. But lasting gains have been modest for nearly 18 years now. We are hurting. Our economy is hurting. We don’t talk about it much because the hurt has been delivered in a non-dramatic, below-the-surface manner.