"The S&P 500 was up 18%! Craziness. Mr. Market has been on a spectacular run. I still remember when I started this blog back in 2013 hearing people saying that 'everything were overvalued,' so they were 'sitting it out.' Here is what they missed out on: Note that in these 14 years: There have only been 2 down years. 2!!! There have been 11 years of 10%+ returns. There have been 6 years of 20%+ returns. There have been 2 years of 30%+ returns. $1,000 invested at the start of 2012 would be worth $6,750 now (14.6% growth per year!). Thank you Mr. Market. You've been a great friend to us."
"Is there an AI bubble? This is the wrong question. AI is here to stay and even if companies are currently overvalued, it won't matter long term. Unlike many of the dot-com bubble companies, AI has tremendous substance. I use it every day: My car's little AI inference brain drives me around while I ponder the landscape. I use Gemini to help interpret building codes and design systems in our new place."
Markets rose strongly in 2025, with the S&P 500 up 18%, extending a multiyear bull run that included only two down years over 14 years and many double-digit returns. A $1,000 investment at the start of 2012 would have grown to $6,750, roughly 14.6% annualized. Geopolitical risks such as a potential invasion of Taiwan could interrupt the run but are unpredictable, so an optimistic, long-term stance remains practical. Google has regained momentum amid AI developments, supported by top researchers and Waymo's autonomous efforts. AI shows durable, substantive value and is already used for driving, code interpretation, and design tasks.
Read at 1500 Days to Freedom
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