Valuation & cycles
The market is not the economy
Stock markets and GDP frequently diverge over multi-year stretches.
What it means for your portfolio
A strong economy doesn't guarantee strong returns — and a weak one doesn't guarantee poor ones.
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Starting valuation matters
Higher starting valuations have historically been associated with lower long-run returns.
Rate regimes reshape leadership
Falling rates have historically flattered long-duration and growth assets; rising rates have pressured them.
Sector leadership rotates
The leading sector of one decade is rarely the leader of the next.
General information only, not financial advice. Historical figures are approximate and provided for education.