Wow 15% pa is a reasonable return! if that is the mindset (expectation) now the next part in the story could be interesting. just reading that the S&P has had its best 3 year stretch since 1999. i sort of get the feeling we have potentially ended the golden era of growth and gains will now be made without the big help of multiple expansion and ahve to rely on earnings growth, maybe multiples go lower?. some would say real gains should always be earnings based, multiples come and go. 15%pa would be wonderful over the next few years. im sure this community will make a good fist of it!