John Hussman, here:
Though we don’t have a 10-year figure for actual returns since 2009, investors should also notice that the improved valuations evident in 2009 will indeed have been followed by a decade of 10% S&P 500 total returns even if the total returns for the market over the coming 5 years are somewhat negative (which we view as likely).
The annual real gain for each of the almost five years to date is just under 20%, so a 10% annual return for each of the ten years in the period implies forfeiting half of what has already been made in the next five years.
Hussman has previously indicated that the vast majority of investors is likely to ride the coming decline all the way to the bottom.
