The large US equity rallies in 2023 and 2024 have been driven mainly by valuation expansion, which accounted for almost three-fourths to more than half of total return in 2023 and 2024, respectively.
The Global Market Index (GMI) is expected to earn a 7%-plus annualized total return in today’s update for the long-run outlook, based on data through September. The current 7.1% annualized estimate ...
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