• Returns are certainly inconsistent over the short run. However, longer run returns are relatively consistent if you extend your time horizon.
• These are the annualized returns for the S&P 500 through the end of 2023 over various periods:

The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.