You often hear claims that the “normal” level of real interest rates is 2-3%, but the chart suggests the last time 3% was the normal level was 1866.
Investors should consider taking gains in the New Year, she said, and then put the cash back to work when political or other stresses push stocks down
The two companies didn’t just dominate. They actually intensified their hold over the past decade, moving to 14% of the S&P 500's upside last year.
In this different economic climate, it’s hard to time the end of the current recovery. Still, it will end, due either to Fed overtightening or crisis.