This note looks at the outlook for shares from a very long term perspective. The key points are as follows:

– While the short term outlook for shares is uncertain they are great value for long term investors.

– The 50% plus slump in shares from last year’s highs has taken them well below their long term trend and they are trading on dividend yields normally associated with above average returns over subsequent 10 year periods, even despite the fact that dividend payments are likely to fall over the year ahead.

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