It’s Been a Good Run

If this is how it ends, it’s been a helluva ride. The S&P 500 has hit new all-time highs every year since 2013. 347 in total, including one from earlier in the year.

Tech stocks have gotten killed, but it’s hard to feel too sorry for investors. Even after the 20% decline, the Nasdaq-100 has compounded at 21% a year for the last five years. So, where do we go from here?
It’s hard to come up with a bu…

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