What's in store for the stock market? I have a number. This number won't allow you to make a killing or time the market It is intended, rather, to help you think about what you are trying to accomplish with your portfolio. It should be fixed at a distant point on your investing horizon. My return projection for stocks is for a real total return of 5% a year. In other words, it includes dividends and it's after inflation. Five percent will look pathetic to any self-described bull. It will look too rich for the sourpusses with the New Normal theory of investing ("The economy is going to stink for a long while, so get used to it"). It will look reasonable to anyone who compares stock prices to corporate earnings.
展开▼
