When you look at total real returns over longer time scales, the current period in time is not unusual. https://totalrealreturns.com/s/SPY https://totalrealret

When you look at total real returns over longer time scales, the current period in time is not unusual. https://totalrealreturns.com/s/SPY https://totalrealreturns.com/s/SPY We're not far from the long term trend of 6.15%/yr on the S&P500, just slightly above. The deviation above the long-term trend was much larger in the run-up to 2001. It's like we're in 1997 now. Not saying a correction isn't likely, just that it's easy to scare yourself by looking at linear, non-inflation adjusted plots.