Henry Blodget does a nice job analyzing "real" or inflation adjusted stock prices. Clearly from the chart we can see that the 1990s returns were a complete historical aberration.
Unfortunately too many fund managers and investors are hoping against hope. They never studied history.
A lot of the returns over the very long-run come from dividends being reinvested, so returns would be higher than we see. . . too bad dividends (until the crash) had been pitifully low.
Stock prices seem like they need a long basing period before any true secular bull market appears.
http://clusterstock.alleyinsider.com/2008/11/stocks-for-the-long-run-part-3
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