Clash of the Titans
We believe the U.S. stock market will come down to a clash between one very positive forward-looking set of facts and a very negative set over the next ten years. Demographics argue for a much stronger economy, higher interest rates and a change in dynamics associated with stock market popularity. The parabolic move the last five years in e-commerce and other tech-related securities has unknowingly cursed forward-index performance and turned a whole generation of investors into growth stock aficionados.