Investing in the next cycle #5: blessed are the goods makers
US EQUITY TOTAL RETURNS
9000
9000
8000
8000
TOBACCO STOCKS
7000
7000
6000
6000
5000
5000
4000
4000
3000
3000
TECHNOLOGY
2000
2000
1000
1000
S&P500
0
0
1990 1995 2000 2005 2010 2015 2020 2025
1
Source: Standard & Poor’s, Bloomberg, NBER
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