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Ben Carlson: S&P 500 delivers strong real returns despite rising yields and inflation

Ben Carlson: S&P 500 delivers strong real returns despite rising yields and inflation
S&P 500 rises as yields and inflation surge

Ben Carlson, director of institutional asset management at Ritholtz Wealth Management, highlights unusual market dynamics since March 2020.

He points to 10-year Treasury yields climbing from 0.5% to 5.2%, while the S&P 500 delivered annualized gains of 18.8%. Despite high interest rates and elevated inflation during this period, Carlson notes that real annual returns were around 15%.

Carlson previously noted the concentration of the top 10 S&P 500 stocks, which now comprise nearly 40% of the index. He has also identified artificial intelligence as a factor that could lift S&P 500 earnings per share growth by 2% annually, while warning of a 10% chance of an existential human risk. These earlier observations frame some of the unusual dynamics he highlights in recent market commentary.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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