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SPYBEARISHSubstantive discussion · 3/5

S&P 500 faces decade of zero returns

The speaker argued that the cyclically adjusted P/E (CAPE) for the S&P 500 is near 1999 levels, which historically suggests close to 0% total returns over the next 10 years.

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The story so far
CONTESTED · 51 MENTIONS · 41 EPISODES · 18 SHOWS
4 JUL 2025 — 13 AUG 2026 · 5D AGO
21 SUPPORT · 9 CHALLENGE · 2 REPEAT · 19 MENTIONED
  1. 4 JUL 2025 · FIRST HEARD
    THE MEB FABER SHOW
  2. 7 EPISODES BETWEEN · 7 MENTIONS
    1. 14 AUG 2025
      THE MEMO BY HOWARD MARKS
    2. 5 SEP 2025
      BARRON'S STREETWISE
    3. 9 SEP 2025
      THE LONG VIEW
    4. 19 SEP 2025 · CHALLENGES
      GOLDMAN SACHS EXCHANGES: THE MARKETS
    5. 7 OCT 2025
      THE LONG VIEW
    6. 10 OCT 2025
      THE MEB FABER SHOW
    7. 17 OCT 2025 · CHALLENGES
      GOLDMAN SACHS EXCHANGES: THE MARKETS
  3. 18 NOV 2025
    THE BUSINESS BREW
    • S&P 500 faces decade of zero returns · THIS IDEA
  4. 26 EPISODES BETWEEN · 36 MENTIONS
    1. 21 NOV 2025
      THE MEB FABER SHOW · 4 MENTIONS
    2. 22 DEC 2025
      CAPITAL ALLOCATORS
    3. 23 DEC 2025 · CHALLENGES
      THE LONG VIEW
    4. 24 DEC 2025
      MACROVOICES
    5. 1 JAN 2026
      THE RATIONAL REMINDER PODCAST · 3 MENTIONS
    6. 13 JAN 2026 · CHALLENGES
      GOLDMAN SACHS EXCHANGES
    7. 15 JAN 2026
      THE ALPHA EXCHANGE
    8. 27 JAN 2026
      GOLDMAN SACHS EXCHANGES · 2 MENTIONS
    9. 29 JAN 2026
      THE RATIONAL REMINDER PODCAST
    10. 30 JAN 2026
      BARRON'S STREETWISE
    11. 2 FEB 2026
      THE MEB FABER SHOW
    12. 3 FEB 2026
      THE MEB FABER SHOW · 2 MENTIONS
    13. 6 FEB 2026
      BARRON'S STREETWISE
    14. 9 FEB 2026
      THE MEB FABER SHOW
    15. 13 FEB 2026
      THE MEB FABER SHOW · 2 MENTIONS
    16. 17 FEB 2026 · CHALLENGES
      GOLDMAN SACHS EXCHANGES
    17. 25 FEB 2026
      THE COMPOUND AND FRIENDS
    18. 5 MAR 2026
      MONETARY MATTERS WITH JACK FARLEY
    19. 30 MAR 2026
      REAL VISION DAILY BRIEFING
    20. 3 APR 2026
      BARRON'S STREETWISE
    21. 9 APR 2026
      THE ACQUIRERS PODCAST
    22. 16 APR 2026
      THE ACQUIRERS PODCAST · 2 MENTIONS
    23. 19 APR 2026
      EXCESS RETURNS · 2 MENTIONS
    24. 22 APR 2026
      EXCESS RETURNS
    25. 23 JUL 2026 · 4W AGO
      EXCESS RETURNS
    26. 25 JUL 2026 · 3W AGO
      EXCESS RETURNS
  5. 6 AUG 2026 · 2W AGO
    THE RATIONAL REMINDER PODCAST
  6. 7 AUG 2026 · 2W AGO · CHALLENGES
    THE COMPOUND AND FRIENDS
  7. 8 AUG 2026 · 1W AGO
    EXCESS RETURNS
  8. 9 AUG 2026 · 1W AGO
    WE STUDY BILLIONAIRES - THE INVESTORS PODCAST NETWORK
  9. 11 AUG 2026 · 1W AGO
    THE JULIA LA ROCHE SHOW
  10. 13 AUG 2026 · 5D AGO
    THE RATIONAL REMINDER PODCAST
HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD
NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE