Happy returns: market history and market valuations point to a year of robust performance.(securities industry)

Research,  January, 2005  by Fisher, Kenneth L.

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The purported Chinese proverb, "May you live in interesting times," is supposed to be a curse. But the interesting times we find ourselves in today should be a blessing to investors.

Despite massive improvements in technology, the continued spread of capitalism, war, appalling terrorist acts and divisive political elections, 2004 was a boring year with little opportunity for meaningful returns. Owning stocks felt a lot like sitting in cash. At the end of October, the year-to-date return for the S & P 500 stood at a cash-like 3 percent and had not finished any month ...

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