At today's composite valuation of +1.68σ, past relationships imply a real S&P 500 return of −1.7% a year over the next 10 years (typical range −4.7% to +1.4%), dividends included and after inflation. Pick a horizon to see the history behind it.
Expected real S&P 500 return per year, dividends included, implied by today's composite reading. Pick a horizon.