Michael Markowski interview about math of the market, 4:06
Unless the US population growth rate of 0.62%, the lowest since 1933 and rate of inflation reverse their down trends the returns from the stock market for the decade ending 2030 are likely to be low.
Japan is a good example of a country whose stock market has underperformed due to declines in population and inflation.
Since peaking in 1974, Japan’s inflation has steadily declined.
Japan’s Nikkei 225 stock market index has yet to exceed its 1989 peak.