Kiplinger

The Bear Market Drought Spoiled Us

I'm a long-term stock bull. Over the long-term, U.S. stocks have returned close to an annualized 10%. Foreign stocks have returned about 8%. Virtually no other unleveraged investment has produced those kinds of returns.

But sometimes past market action can make stocks look more appealing than they really are. And this is one of those times.

Consider this: Nine-and-one-half years into one of the biggest bull markets ever, Standard & Poor's 500-stock index has returned an annualized 18.8%.

That's not a

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