Will The Dow Ever Hit 50,000?
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GLASSMAN We say stocks will become fully valued at roughly 36,000, and then, as Kevin says, returns will trail off after that, when they are truly fully valued. So I think that is important for people to remember. If we are wrong about the lump sum up front, then maybe what will happen will be it will continue the way it has been over the past 70 years. At any rate, 11% is a lot better return than 5.5%.
Robert Shiller is a professor of economics at Yale. James Glassman and Kevin Hassett are resident scholars at the American Enterprise Institute
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