Back in December, I wrote about the potential beginning of a new age of wealth and productivity growth this decade. Specifically, I asked: Is this the beginning of the "Roaring 2020s?" The idea of the "Roaring 2020s" started to percolate during COVID-19... as many market observers and economists speculated that the post-pandemic era would bring a slew of innovations, a productivity boom and a strong bull market. Of course, the analogy was to the Roaring '20s. That was another decade when new technologies like automobiles, radio, airplanes, refrigeration, and television drove productivity, stock prices and wealth creation higher at a pace not seen since the Industrial Revolution. My verdict in December was that new technologies - from artificial intelligence (AI) to gene therapies to cloud computing and several others - were lining up, productivity was rising rapidly by historical standards and stocks were headed higher. So, I concluded, yes, a new "Roaring '20s" decade was starting. Almost six months later, it's time to check in on that prediction. Do the next six years of this decade still hold that promise? |
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