Wealth Outlook 2024 - Slow then grow

23 Wealth Outlook 2024 | Our outlook Slow then grow FIGURE 12 Inflation adjusted return indices for US stocks, bonds and cash Return index (1929=100), Log scale 10,000 Real 10-year Treasury Real S&P 500 Real T-Bills 1,000 100 10 1950 1960 1980 2000 2020 Source: Haver Analytics through October 31, 2023. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. Real results may vary. We do not see this disconnect as a market dislocation similar in scope to early 2020. That period was followed by a 145% increase for the Russell 2000 index in the 19 months that followed. But surely, investment portfolios can’t ignore the value of growth while seeking income (see FIGURE 12 ). This is true even when there is no “V” shaped recovery for the economy in sight.