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The S&P 500 has gained 10% per year over the long
run (including dividends) but that return hasn't come in a
straight line. Changes in investor sentiment have led to
huge deviations from the 10% trendline at times, with
periods of extreme greed (2000) & extreme fear (2009).
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00:01 - 12/11/25
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Mag 7 earnings growth continues to
outpace the rest of the S&P 500, though it is slowing
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“No one has ever been a success betting against
America since 1776 – and they’re not going to be a success
in the future doing it, either.” - Warren Buffett
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The University of Michigan Consumer Sentiment index
has moved down to 50.3, the 2nd lowest reading in the
survey's history (since 1952) |
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The top 10% of income earners make up almost half of all
spending, up from just a third in the 1990s
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