T.maddell monthly newsletter Jan20
What Lies Ahead for Stocks? We May Be Able to Foresee This Better Than You Think
By Tom Madell
Article Summary: Based on 27 years of continuous data, five year periods of strong stock fund returns for two highly representative funds are surprisingly strongly negatively related to subsequent five year returns. If the relationship carries forth into the future, one can anticipate mid-single digit returns as the most likely average broadly diversified stock fund return for both US and international stocks.