Over the past decade, the S&P 500 has produced an average annual return in the double digits, which is above its single-digit ultra-long-term average. This performance has led many Wall Street analysts to conclude that returns will drop significantly in the year ahead as equity prices and valuations catch up with earnings growth. These forecasts have pushed allocators towards alternative assets, which are expected to continue to produce attractive real returns going forward while equities struggle. The result of this theme is that investors have already committed $800 billion of capital to private investments this year, as they shift away…
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