In a way, though, these "nonrenewable fundamentals" ARE renewable. If I buy VTI at PE 15, and then it doubles to 30, and then I only get normal returns after that, I'm really getting double-normal returns every year. If you assume "normal" returns are 10%, and I invested 1 million initially, I'd expect 100k a year. But the inflation from 15 to 30 would make me end up with 2 million - even if I discounted those gains as "not real" due "mere" valuation increase, the normal returns henceforth would be 200k per year.
Statistics: Posted by Tamalak — Sun Dec 28, 2025 7:33 am — Replies 26 — Views 2816