Search found 361 matches

by TheNightsToCome
Sat Jan 19, 2019 1:27 pm
Forum: Personal Consumer Issues
Topic: Recommendations for home paper shredder
Replies: 60
Views: 4814

Re: Recommendations for home paper shredder

UpperNwGuy wrote:
Sat Jan 19, 2019 12:36 pm
I recommend Fellowes brand shredders.
I've owned this brand for 10 years now and it still works well. No maintenance required.
by TheNightsToCome
Fri Jan 18, 2019 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: Any MD pursued a CFA? Thoughts?
Replies: 27
Views: 2467

Re: Any MD pursued a CFA? Thoughts?

I am a CFA charterholder, have an MBA, and used to grade the CFA exam. A few factual points: You need at least 48 months of experience in the investment decision-making process to obtain the CFA designation: https://www.cfainstitute.org/programs/cfa/charter https://www.cfainstitute.org/en/membershi...
by TheNightsToCome
Fri Jan 18, 2019 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Any MD pursued a CFA? Thoughts?
Replies: 27
Views: 2467

Re: Any MD pursued a CFA? Thoughts?

Any physicians out there pursued a CFA charter holder? I am a practicing physician in early/mid career and truly enjoy my job (not looking for an escape from medicine). I see myself happily practicing for another 20+ years. However, I am a little bored and want to dive into something else. I have g...
by TheNightsToCome
Sun Jan 06, 2019 10:04 am
Forum: Personal Consumer Issues
Topic: Advice Regarding Out-of-Network Billing
Replies: 9
Views: 698

Re: Advice Regarding Out-of-Network Billing

anonenigma wrote:
Sun Jan 06, 2019 12:56 am
If you live in California, it's now the law - if you go to an in-network facility you can't be charged out-of-network rates by any of the providers.
Unfortunately, that isn't the law in my state.
by TheNightsToCome
Sat Jan 05, 2019 9:08 pm
Forum: Investing - Theory, News & General
Topic: Who has the highest allocation to international stocks?
Replies: 65
Views: 5795

Re: Who has the highest allocation to international stocks?

Portfolio watch tells me that 55% of my equities are international (with an over-sized portion being emerging markets). I believe this is pretty close to cap weighting for the world, isn't it? Vanguard wants to cap weight everything else, so I guess they can't be upset with a cap weight in foreign ...
by TheNightsToCome
Sat Jan 05, 2019 3:56 pm
Forum: Personal Consumer Issues
Topic: Advice Regarding Out-of-Network Billing
Replies: 9
Views: 698

Advice Regarding Out-of-Network Billing

Is there a practical method to determine in-network versus out-of-network billing in advance of elective surgery? If a patient must have major, non-emergent surgery at a tertiary care center that is in-network (albeit Level II rather than Level I coverage), he/she can find a surgeon that is also in-...
by TheNightsToCome
Tue Dec 11, 2018 9:42 pm
Forum: Investing - Theory, News & General
Topic: Shrinking dividends?
Replies: 30
Views: 4158

Re: Shrinking dividends?

My impression has always been that if you own equities, your dividend income will increase over time, but I was curious about how much. So I got S&P 500 dividend data from here . I already had monthly CPI data from here . I converted the monthly CPI data to annual data by taking the average of the ...
by TheNightsToCome
Sun Dec 09, 2018 4:45 pm
Forum: Investing - Theory, News & General
Topic: Question: When Bubbles Burst, Do Asset Prices Go Below Instrinsic Value?
Replies: 14
Views: 1530

Re: Question: When Bubbles Burst, Do Asset Prices Go Below Instrinsic Value?

I remember Grantham's description of his work (from interviews and articles published early in this century) covering the 20th century in many asset classes across many international markets. As I recall, GMO (his company) defined a bubble as a two standard deviation rise above the very long-term p...
by TheNightsToCome
Sat Dec 08, 2018 6:55 pm
Forum: Investing - Theory, News & General
Topic: Question: When Bubbles Burst, Do Asset Prices Go Below Instrinsic Value?
Replies: 14
Views: 1530

Re: Question: When Bubbles Burst, Do Asset Prices Go Below Instrinsic Value?

I remember Grantham's description of his work (from interviews and articles published early in this century) covering the 20th century in many asset classes across many international markets. As I recall, GMO (his company) defined a bubble as a two standard deviation rise above the very long-term p...
by TheNightsToCome
Sat Dec 08, 2018 6:49 pm
Forum: Investing - Theory, News & General
Topic: What percent of Managers beat the market BEFORE fees?
Replies: 97
Views: 6811

Re: What percent of Managers beat the market BEFORE fees?

Investor return was about the same as benchmark return before fees for 5 year trailing returns since 2006. https://im.morningstar.com/content/CMSImages/8012.jpg Note that asset-weighted return largely eliminates the issue of survivorship and is a more realistic estimate of investor returns. Simple ...
by TheNightsToCome
Wed Dec 05, 2018 4:00 pm
Forum: Investing - Theory, News & General
Topic: Question: When Bubbles Burst, Do Asset Prices Go Below Instrinsic Value?
Replies: 14
Views: 1530

Re: Question: When Bubbles Burst, Do Asset Prices Go Below Instrinsic Value?

I remember Grantham's description of his work (from interviews and articles published early in this century) covering the 20th century in many asset classes across many international markets. As I recall, GMO (his company) defined a bubble as a two standard deviation rise above the very long-term pr...
by TheNightsToCome
Tue Dec 04, 2018 11:36 pm
Forum: Investing - Theory, News & General
Topic: What percent of Managers beat the market BEFORE fees?
Replies: 97
Views: 6811

Re: What percent of Managers beat the market BEFORE fees?

This particular statistic isn't asset-weighted (the question was what percent of managers beat the market). An asset-weighted average would undoubtedly be more favorable to active managers: the asset-weighted average fund performance was 50bps to 100bps closer to the benchmark for this period, depe...
by TheNightsToCome
Thu Nov 22, 2018 9:15 am
Forum: Personal Consumer Issues
Topic: The Expert's Dilemma - How can I know I'm getting a good physician without being one myself?
Replies: 199
Views: 14001

Re: Physician Credentials: Offshore vs. American Medical Schools

There is no clear cut evidence to show that US medical graduates are better or worse than foreign medical graduates. Location/reputation of residency/fellowship program is much more important than the location of the medical school. US citizens that graduated from Caribbean schools typically means ...
by TheNightsToCome
Sat Nov 03, 2018 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?
Replies: 180
Views: 11294

Re: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?

I did the same, but I disagree. It does cost money. For example if you want to travel you need at least t fly and to take time off work. Both cost money. During my 20s I used my regular vacation time to fly to NYC, LA, Miami, Chicago, and Minneapolis. It wasn't too difficult to scrape up enough mon...
by TheNightsToCome
Sat Nov 03, 2018 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?
Replies: 180
Views: 11294

Re: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?

There's no such thing as apples to apples. There is nowhere in Kansas with the nightlife, concerts, professional sports teams, restaurants, art, and museums to be found in the NYC area. Indulging in a lot of those city extras is incompatible with saving a lot. Generally speaking, living your life i...
by TheNightsToCome
Sat Nov 03, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?
Replies: 180
Views: 11294

Re: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?

Having lived in a LCOL area for 20 years and now in a HCOL area, I must say that the critical difference between the two isn't really the lack of stadiums, museums, restaurants, and other entertainment venues etc in the former. These amenities aren't really all that important. The amenities that ma...
by TheNightsToCome
Sat Nov 03, 2018 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?
Replies: 180
Views: 11294

Re: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?

Having lived in a LCOL area for 20 years and now in a HCOL area, I must say that the critical difference between the two isn't really the lack of stadiums, museums, restaurants, and other entertainment venues etc in the former. These amenities aren't really all that important. The amenities that ma...
by TheNightsToCome
Thu Nov 01, 2018 11:13 pm
Forum: Personal Finance (Not Investing)
Topic: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?
Replies: 180
Views: 11294

Re: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?

We lived for 20 years in a LCOL. My wife and I are physicians. We did residency training in Chicago, after which we moved to a small college town in the Midwest where we practiced for 20 years. Our incomes in this LCOL area were actually at par or higher than physician incomes in HCOL areas. Fewer ...
by TheNightsToCome
Thu Nov 01, 2018 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?
Replies: 180
Views: 11294

Re: Is it more advantageous to live in HCOL or LCOL area in terms of financial independence?

I do believe that WHITECOATINVESTOR noted on his blog that many medical professionals make more money is raw dollars in smaller more remote locations: https://www.whitecoatinvestor.com/geographic-arbitrage-pof/ From his article: According to Doximity, a general surgeon in New York City can expect t...
by TheNightsToCome
Mon Oct 15, 2018 8:17 pm
Forum: Personal Consumer Issues
Topic: trip to Grand Cayman & dieting [while on vacation]
Replies: 40
Views: 2814

Re: trip to Grand Cayman & dieting

I went to Grand Cayman with family twice, once in 1996 and once in 1997. We rented beachfront condos on Seven Mile Beach and enjoyed both stays. The diving and snorkeling is excellent in Grand Cayman. The visibility was excellent. I highly recommend a shore dive at Eden Rock (https://www.edenrockdiv...
by TheNightsToCome
Sat Oct 13, 2018 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Weigh in on our Marital Argument =)-- HCOL edition
Replies: 102
Views: 10663

Re: Weigh in on our Marital Argument =)-- HCOL edition

Other questions people have asked: why do we let our parents stay with us? Well, we are 1st gen Asian immigrants (me as a kid, husband as a teen) with parents who lived in near poverty to save to send us to college. In Asian culture, it’s a grave insult to ask elderly parents to stay somewhere else...
by TheNightsToCome
Wed Oct 10, 2018 7:33 pm
Forum: Investing - Theory, News & General
Topic: When will you backup the truck on stocks
Replies: 102
Views: 10039

Re: When will you backup the truck on stocks

badger42 wrote:
Wed Oct 10, 2018 6:32 pm
CAPE10 below 20
CAPE below 10 for me -- for "backing up the truck."
by TheNightsToCome
Wed Oct 10, 2018 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Lucrative careers?
Replies: 467
Views: 46108

Re: Lucrative careers?

Two thoughts for the OP: 1. It is simply not true that most six-figure jobs require 60-80 hours/week. Think about it, that’s 12 hours a day for five days straight. What kind of “normal” job requires this much work? Most people who work at a MegaCorp are able to attain six-figures by 10 years in, th...
by TheNightsToCome
Tue Oct 09, 2018 8:24 pm
Forum: Personal Consumer Issues
Topic: Dayton, Ohio -- Worth Visiting?
Replies: 39
Views: 3123

Re: Dayton, Ohio -- Worth Visiting?

I grew up in Cincinnati and lived in Dayton for 10 years. We were so happy to leave Dayton. We returned a few years ago to see some old friends, and Dayton had only become shabbier. IMO, the Air Force museum is the only attraction worth seeing in Dayton. Downtown Dayton is just nothing. I don’t rem...
by TheNightsToCome
Tue Sep 25, 2018 8:45 pm
Forum: Personal Consumer Issues
Topic: Which type of Primary Care Physician?
Replies: 54
Views: 4278

Re: Which type of Primary Care Physician?

I recommend an internist rather than a FP.
by TheNightsToCome
Sat Sep 15, 2018 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 11680

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

Every month on the corporate website my company lists the current and former employees who have died. They used to list the age at which they died, but stopped doing that several year ago (so these days I have no idea how old they were). Reading this is both a sobering and instructive experience. A...
by TheNightsToCome
Tue Sep 11, 2018 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: MBA vs Home Ownership
Replies: 24
Views: 2113

Re: MBA vs Home Ownership

I earned CFA first, then graduated from Booth with concentrations in finance and accounting. The CFA is a good foundation, but I learned much more at Booth. If I was your age I would plan to obtain the MBA (and the CFA, albeit the latter would be less important once you have the MBA), and if your in...
by TheNightsToCome
Sat Aug 11, 2018 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford to stay in HCOL area?
Replies: 92
Views: 9945

Re: Can we afford to stay in HCOL area?

I think it boils down to expectations and the meaning of the term "comfortable" to people who are wealthy. A household making $365K/year is in the 98.7th percentile in the USA. Only 1.3% of American households make more than that. https://dqydj.com/household-income-percentile-calculator-2016/ By ob...
by TheNightsToCome
Wed Aug 08, 2018 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Personal liability issues as a result of hiring uninsured & unlicensed handyman
Replies: 33
Views: 3816

Re: Personal liability issues as a result of hiring uninsured & unlicensed handyman

Would people here worry about licensure, etc, for a handyman doing jobs less dangerous? For example, we have a “yard guy” who mows and does light pruning. Do people check on licensure, etc, for landscaping companies? Is homeowners insurance and umbrella insurance enough? Gasdoc I have an umbrella p...
by TheNightsToCome
Sun Aug 05, 2018 9:49 pm
Forum: Investing - Help with Personal Investments
Topic: How many years till FIRE? Which path would you choose?
Replies: 38
Views: 4928

Re: How many years till FIRE? Which path would you choose?

- 150K/yr x25 = 3.75MM. - your NW: 1.8MM - 1.1MM = 0.7MM. - adding 270K/yr, at 5%. probably <10 years. - likely making hay while the sun then leaving CA is the most optimal path. Do you seriously expect a 70/30 AA to yield a 5% real return (i.e., after inflation)? That sounds overly optimistic to m...
by TheNightsToCome
Sat Aug 04, 2018 12:19 pm
Forum: Investing - Help with Personal Investments
Topic: How many years till FIRE? Which path would you choose?
Replies: 38
Views: 4928

Re: How many years till FIRE? Which path would you choose?

- 150K/yr x25 = 3.75MM. - your NW: 1.8MM - 1.1MM = 0.7MM. - adding 270K/yr, at 5%. probably <10 years. - likely making hay while the sun then leaving CA is the most optimal path. Do you seriously expect a 70/30 AA to yield a 5% real return (i.e., after inflation)? That sounds overly optimistic to m...
by TheNightsToCome
Sat Aug 04, 2018 9:42 am
Forum: Investing - Theory, News & General
Topic: How does one become a financial advisor?
Replies: 34
Views: 2477

Re: How does one become a financial advisor?

maybe im not being clear. there would be no management, no AUM, no executing trades. just pay per use, review/consulting type of info. like my example: show me your 401k options, here is the best portfolio you can make in this % based on you AA, etc, etc. thank you, that will be $100. Your intent i...
by TheNightsToCome
Sat Aug 04, 2018 9:34 am
Forum: Investing - Theory, News & General
Topic: How does one become a financial advisor?
Replies: 34
Views: 2477

Re: How does one become a financial advisor?

Most states have a de minimis exemption: https://www.ncsregcomp.com/register-not-register-notice-file-not-mean-investment-advisers/ In my home state (back in 2009), one could take on up to 5 clients with up to $15M in assets before one was required to become a Registered Investment Adviser. From my...
by TheNightsToCome
Sat Aug 04, 2018 9:10 am
Forum: Investing - Theory, News & General
Topic: How does one become a financial advisor?
Replies: 34
Views: 2477

Re: How does one become a financial advisor?

along the lines of being a boglehead, do you need a series 6, etc. to tell someone "hey you have vtsax and vtblx in your 401k, use that. and then put vtiax in your rIRA" and charge them lets say $100? If you aren't properly licensed it is illegal to charge, or accept chickens or goats, for financia...
by TheNightsToCome
Sat Aug 04, 2018 9:04 am
Forum: Investing - Theory, News & General
Topic: How does one become a financial advisor?
Replies: 34
Views: 2477

Re: How does one become a financial advisor?

At the lowest level, how to you get to the point you can legally offer financial advice? does it require a degree? Could you get a brokers license and open your own shop? Lets just say you want to do it part time and help your family and friends (i know.. i know..) At the highest level, could you b...
by TheNightsToCome
Sat Jul 21, 2018 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: Salary vs. Lifestyle
Replies: 142
Views: 17989

Re: Salary vs. Lifestyle

I've made the opposite choice, but only after reaching financial independence. I'm now working 40% less for 40% lower pay than I did as a full-timer. No regrets. :beer -PoF PoF (and anyone else with an opinion) - if you were starting over would you do it the same way with working hard until FI and ...
by TheNightsToCome
Sat Jul 21, 2018 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Salary vs. Lifestyle
Replies: 142
Views: 17989

Re: Salary vs. Lifestyle

smitcat wrote:
Wed Jul 18, 2018 11:17 am
livesoft wrote:
Wed Jul 18, 2018 10:58 am
Everybody I know that has had higher salary has figured out a way to enjoy life while earning a higher salary. I think much of the pain now stuff is just talk to make the wealthy feel more normal and not get hassled by the less well off.
Yes - exactly.
Then you haven't been there.
by TheNightsToCome
Sat Jul 14, 2018 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Questioning insurance valuation for homeowners
Replies: 24
Views: 1509

Re: Questioning insurance valuation for homeowners

I had this conversation with State Farm last week. Eighty percent of the company's replacement cost estimate is just slightly less than the market value of similar homes in the area, and slightly more than I paid for the home 3 years ago. If our home burns to the ground the 80% figure will be enoug...
by TheNightsToCome
Sat Jul 14, 2018 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Would you trade experiences in your youth for early retirement
Replies: 81
Views: 6037

Re: Would you trade experiences in your youth for early retirement

Cyclesafe wrote:
Fri Jul 13, 2018 9:49 am
It doesn't necessarily require lots of money to have a fulfilling life while saving and investing for retirement. Plenty of poor people have fulfilling lives. It's all about choices.
+1

I had the most interesting experiences of my life in my 20s when I had no money at all.
by TheNightsToCome
Sat Jul 14, 2018 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Questioning insurance valuation for homeowners
Replies: 24
Views: 1509

Re: Questioning insurance valuation for homeowners

I had this conversation with State Farm last week. Eighty percent of the company's replacement cost estimate is just slightly less than the market value of similar homes in the area, and slightly more than I paid for the home 3 years ago. If our home burns to the ground the 80% figure will be enough...
by TheNightsToCome
Wed Jul 11, 2018 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Deciding how much to spend on home remodeling
Replies: 22
Views: 2090

Re: Deciding how much to spend on home remodeling

Architects are not always good at estimating cost, so your $60-120K range could actually be $120-200K when you talk to a builder and select your finishes and fixtures. Especially if you are looking at structural changes like taking out walls or moving the kitchen in an area with high cost and short...
by TheNightsToCome
Wed Jul 11, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Deciding how much to spend on home remodeling
Replies: 22
Views: 2090

Re: Deciding how much to spend on home remodeling

Architects are not always good at estimating cost, so your $60-120K range could actually be $120-200K when you talk to a builder and select your finishes and fixtures. Especially if you are looking at structural changes like taking out walls or moving the kitchen in an area with high cost and short...
by TheNightsToCome
Mon Jul 09, 2018 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Can a Retired 60 yo MD, MBA Start a Law Career?
Replies: 276
Views: 15607

Re: Can a Retired 60 yo MD, MBA Start a Law Career?

jacoavlu wrote:
Sun Jul 08, 2018 11:45 pm
TheNightsToCome wrote:
Sun Jun 03, 2018 8:42 pm
I just want to be able to focus on a task and be left alone to work -- without a beeper interruption every few minutes.
Do you really still wear a beeper? I haven’t seen a doctor with one in like a decade.
Cell phones have replaced beepers.
by TheNightsToCome
Sun Jul 08, 2018 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Can a Retired 60 yo MD, MBA Start a Law Career?
Replies: 276
Views: 15607

Re: Can a Retired 60 yo MD, MBA Start a Law Career?

I just saw this 60 Minutes segment on Professor Shon Hopwood, the college dropout and bank robber who served 11 years in prison and then went on to become a Georgetown law professor: https://www.cbsnews.com/news/60-minutes-meet-a-convicted-felon-who-became-a-georgetown-law-professor/. Although he ha...
by TheNightsToCome
Mon Jun 25, 2018 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Second malpractice insurance necessary?
Replies: 27
Views: 2821

Re: Second malpractice insurance necessary?

I am aware most malpractice suits don't go to trial and those that do frequently side with the physician. I also know that the payouts usually are not over limits, but what is different about malpractice that this is the case? Why are people happy taking a million or less from a doctor but go for m...
by TheNightsToCome
Mon Jun 25, 2018 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Second malpractice insurance necessary?
Replies: 27
Views: 2821

Re: Second malpractice insurance necessary?

I appreciate in the input from you both. Again, I think the vast majority of people in our hospital keep the standard limits for the same reason you mentioned. The hope is the lawyer would go after the hospital for anything left rather than the doctor, but I don't know what ends up happening in rea...
by TheNightsToCome
Sun Jun 24, 2018 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: What is/ was your career and would you recommend it now?
Replies: 408
Views: 41750

Re: What is/ was your career and would you recommend it now?

Custom home builder, started my company in 1974 at age 23 with $5,000, no experience, no investors, non-working wife and small child. 1st 25 years I had good and bad (some really bad) and mostly average years. The last 20 years have been good, some have been great. Really great as far as income. I ...
by TheNightsToCome
Sat Jun 23, 2018 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: What is/ was your career and would you recommend it now?
Replies: 408
Views: 41750

Re: What is/ was your career and would you recommend it now?

Ophthalmologist-eye surgeon I work 8:00am-4:30pm Monday thru Friday. During these hours I do work my tail off and typically work thru lunch. The field is procedure based and we get quick, reliable, excellent results the vast majority of the time (cataract surgery/LASIK/eyelids). The pay is solid ~$...
by TheNightsToCome
Sun Jun 17, 2018 10:49 pm
Forum: Investing - Help with Personal Investments
Topic: Young and rich
Replies: 33
Views: 5584

Re: Young and rich

A balanced fund is inappropriate to use as risk of loss is quite real, in 2008, balanced funds declined as much as 20%+. I was the one who offered up 'balanced fund' allocation ranges for the $250K anticipated to be used for a future home purchase. I can certainly see your point of being more conse...
by TheNightsToCome
Sat Jun 16, 2018 2:45 pm
Forum: Investing - Theory, News & General
Topic: Mean Reversion in Long-Term Stock Returns?
Replies: 25
Views: 2353

Re: Mean Reversion in Long-Term Stock Returns?

From Ben Inker (GMO): "The first point to understand about stock returns is their relationship with GDP growth. In short, there isn’t one. Stock returns do not require a particular level of GDP growth, nor does a particular level of GDP growth imply anything about stock market returns. This has been ...