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A comment on U.S. stock market returns – a history from the 1870s to 2022. Parent comment
https://m.youtube.com/watch?v=DEV49qY0TP8
In his example, a prominent group of blue-chip companies grew for 17 years and their valuations remained flat (and net of inflation, declined).
https://m.youtube.com/watch?v=DEV49qY0TP8