Decade-Lengthy S&P 500 Bull Surge Is Working Right into a Valuation Wall

A monster 10 years for US shares has showered cash on the buy-and-hold devoted and made nearly each different asset class an also-ran.

So nice have the features been that some pretty simple arithmetic reveals that nevertheless roaring the 2020s transform, reprising the final decade’s bounty will take near-miracle expansions in earnings and valuations.