It is a pivotal moment in economic history. The dust is settling from the economic shock caused by the Covid-19 pandemic. Meanwhile, the post-pandemic inflation crisis and Russia-Ukraine War linger on, creating stock market uncertainty, fueling fears of an economic downturn, and, in some quarters, of a worldwide financial disaster. So, the latest data on the service sector of the U.S. economy is indeed reassuring.
Securities regulators require financial advisors to state in their public statements that past performance is not indicative of future results because investing is complicated, and nothing is guaranteed. Ironically, however, a mountain of evidence exists showing that achieving investment success depends largely on understanding lessons from the past.