Investment roadmaps

Roadmaps are incorrect most of the time, but they can be quite useful to find direction. The key drivers for the direction in financial markets are productivity growth, number of persons in employment and inflation. 30 years ago these factors added up to 8-10% annual nominal growth, while in 2030 they are more likely to add only 4-5%. Consequently, earnings growth will be lower in the future than in the past and same goes for stock market investment returns.