Sentences with phrase «broad cyclical fluctuations»

By our own estimates, we expect the nominal total return on the S&P 500 over the coming decade to average about 3.8 % annually, though with very broad cyclical fluctuations producing that overall result.

Not exact matches

Unfortunately, things are not so simple, partly because these «cyclical» fluctuations are embedded within a broader context of longer «secular» movements in market valuations.