[nootropicat]

Those historical returns are ridiculously optimistic. In fact stocks aren't great once you look globally. Imagine investing starting from 1900 Germany or Russia. In both cases you would be zeroed out. It's a form of survivorship bias to look at American stock markets only.

I think a 0% after-inflation return for a normal investor (ie. no specialized domain knowledge, no insider info) over the next several decades is already mildly optimistic.

[P5fRxh5kUvp2th]

no one who was investing in 1900 is alive today, your point doesn't matter.