In short: there’s never been a 20 year period where the broad-based US large-cap equities index have lost money. The future isn’t guaranteed, but I’m betting on that record to continue.
The linked article only looks at the time period of the last 50 years. If you believe in big cycles (like covered in Ray Dalio’s “The Changing World Order”), expand that perspective to several hundred years and market returns don’t look quite as guaranteed over a given 20 year period. I’m still formulating my own thesis but it’s a good read if you are into such things.
> there’s never been a 20 year period where the broad-based US large-cap equities index have lost money.
Definitely happened in Japan and Europe. France and UK are only just exceeding the large cap index price from 1999 - and likely to drop back down again.