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When the Good Times No Longer Roll

When the Good Times No Longer Roll

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 Chapter Seven When the Good Times No Longer Roll - What Happens If Future Returns Are Lower? REMEMBER THE UNFAILING principle described in Chapter 2: in the long run it is the reality of business—the dividend yields and earnings growth of corporations—that drives the returns generated by the stock market. How- ever, I must warn you that during the past 25 years—the period examined in the three preceding chapters—the 12.5 percent nominal annual return provided by the U.S. stock market included a speculative return of nearly 3 percent per year, far above the business reality
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