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This scatterplot from J.P. Morgan illustrates the historical 10-year annual percentage returns since 1988, plotted against the S&P 500’s forward P/E ratio at the time the investment was made.
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This scatterplot from J.P. Morgan illustrates the historical 10-year annual percentage returns since 1988, plotted against the S&P 500’s forward P/E ratio at the time the investment was made.

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