"On Friday, July 27, 2019, based on the prevailing level of stock market valuations and interest rates, our estimate of likely 12-year average annual total returns for a conventional, passive investment portfolio (invested 60% in the S&P 500 Index, 30% in Treasury bonds, and 10% in Treasury bills) fell to 0.46% – the lowest level in U.S. history except for single week of the 1929 market peak. – John P. Hussman, Ph.D., July 29, 2019
