This article is the third update of an article I originally penned in March 2022, examining the long-term return of US stocks. The short answer to the question "do stocks always go up" is a resounding "yes", so long as the holding period is long.
This article is an update of my personal portfolio at year-end 2025. My blended full-year return for 2025 across my portfolio (excluding alternative assets) was 17.1%. It helped being in the right names, a combination of a bit of skill and experience, and a lot of luck.
