Oaktree's Howard Marks on Credit Yields, Trump's Tariffs (youtube.com)
Italian watches and Swiss pasta.
Stocks have delivered an average of 10% a year for 100 years, but not when the PE ratio is 19. When the PE is 16 the return is 10%. When it's 19, you made maybe 1-6%. Howard Marks. The S&P is at historic levels (valuations) so you shouldn't expect historic returns.
When people enter the market this time, it will maybe just be a guess, because no one knows what the economy will be in the next 4 years for any year because tariffs are uncertain, not even Trump knows probably. That means those who win will be just some of the people who guessed, but still there is one thing to look at which is valuations.