
It seems to be the best of times for stock investors. The S&P 500 Index ($SPX) has smashed record after record, artificial intelligence (AI) euphoria is everywhere, and the “Trump trade” is running wild.
And yet, for all the exuberance, U.S. stocks are actually on track for their second-worst performance over the past 25 years, if you adjust returns for inflation. That’s according to Deutsche Bank’s famous study on market gains over the nine quarter centuries since 1800.