I get a kick out of the investment experts who are now telling us that making money in stocks isn’t going to be easy anymore. For instance, Howard Marks of Oaktree Capital proclaimed earlier this year: “The easy money has been made.”
I hate to pick on Marks because he’s a brilliant investor. But this time he’s dead wrong. I don’t know where Marks has been the past nine years. But investing in stocks has hardly been “easy.”
This Nine-Year Bull Market Took Work
To start with, no investor I know has forgotten the savage 2007-09 bear market. Standard & Poor’s 500-stock index plunged 55.3% – making it the worst bear market since the Great Depression. Coming so soon after the 2000-02 tech-stock crash, the S&P 500 for a time was showing losses for people who’d stayed patiently invested for more than 10 years.
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