February 2026
Driven in very large part by technology, the S&P 500 Index has posted incredible results over the last decade. Through year end 2025, the index generated annualized 10-year returns of 14%, with returns going into overdrive the last three years (2023-’25) at 23%. This is markedly above historical norms of roughly 10%. We think this will be very difficult to replicate over the next 10-year frame. Click below to read the full report.