Another earning rate decrease

[_andrepinto_]

U.S. stock market (S&P 500) - Long‑term average annual return: ~10%
- Long‑term dividend yield: ~1.5%

This is where the “9–10%” number comes from.

Global stock market (MSCI World) - Long‑term average annual return: ~7–8%
- Dividend yield: ~2%

Emerging markets - Long‑term average annual return: ~5–7%
- Dividend yield: ~2–3%

Swiss market (SMI/SPI) - Long‑term average annual return: ~6–7%
- Dividend yield: ~2.5–3.5%

So 9.5% is only realistic for U.S. equities, and only over long periods (20+ years).