The 4% That Drive All Returns | Larry Swedroe on What You're Getting Wrong About the S&P 500
In this episode of Excess Returns, Larry Swedroe returns to discuss the biggest risks and opportunities facing investors today. From tariffs and immigration to AI and private credit, Larry shares evidence-based insights on how to think about markets without relying on forecasts. He explains why diversification is essential, how investors can “sin a little” with duration and valuation, and why only 4% of stocks drive the equity risk premium. The conversation blends timeless investing wisdom with today’s most important macro themes.
Main topics covered:
Why forecasts don’t work and what…
The skinny
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