The linked article only looks at the time period of the last 50 years. If you believe in big cycles (like covered in Ray Dalio’s “The Changing World Order”), ex

The linked article only looks at the time period of the last 50 years. If you believe in big cycles (like covered in Ray Dalio’s “The Changing World Order”), expand that perspective to several hundred years and market returns don’t look quite as guaranteed over a given 20 year period. I’m still formulating my own thesis but it’s a good read if you are into such things.