Goldman warns of lost decade for US stocks

Dominated by handful of megacap tech stocks, S&P500 index has enjoyed annual returns of 13% for 10 years

Is a lost decade in store for US stocks? Goldman Sachs expects the bull market to continue next year, but that’s where the good news ends. Why? First, valuation. The index has enjoyed annual returns of 13 per cent over the last decade, resulting in a very steep valuation. Second, the US is dominated by a few megacap technology companies like Apple and Nvidia, resulting in a stock market more concentrated than any over the last century.

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