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taw comments on Abnormal Cryonics - Less Wrong
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This is all survivorship bias and nothing more, many other stock exchanges crashed completely or had much lower returns like Japanese.
And I should add that markets are wickedly anti-inductive. With all the people being prodded into the stock market by tax policies and "finance gurus" ... yeah, the risk is being underpriced.
Also, there needs to be a big shift, probably involving a crisis, before risk-free rates actually make up for taxation, inflation, and sovereign risk. After that happens, I'll be confident the return on capital will be reasonable again.