The uncommon average

​“I have found that the importance of having an investment philosophy—one that is robust and that you can stick with— cannot be overstated.” 
—David Booth

​The US stock market has delivered an average annual return of around 10% since 1926.  But short-term results may vary, and in any given period stock returns can be positive, negative, or flat. When setting expectations, it’s helpful to see the range of outcomes experienced by investors historically. For example, how often have the stock market’s annual returns actually aligned with its long-term average?

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