That skepticism is valid. 3.5% might be the new 4%. Personally, I don't worry too much about returns because even though U.S. standing has declined, our returns

That skepticism is valid. 3.5% might be the new 4%. Personally, I don't worry too much about returns because even though U.S. standing has declined, our returns have been incredible, mostly due to stock buybacks. Corporations have been the net purchasers, by a significant margin, in the past decade [0], somewhat driven by debt and specifically, low interest rates. Returns are increasingly untethered from actual performance. For these reasons, the U.S.' waning hegemony may not lower returns. [0]: https://seekingalpha.com/article/4271159-corporations-biggest-net-buyers-of-stocks-since-2014 https://seekingalpha.com/article/4271159-corporations-bigges...