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From the ASX's lofty peaks, the gains look smaller

If the year just gone was a 1995 mid-cycle slowdown scenario, several more years of strong returns may be on the cards. But high starting multiples suggest far less favourable markets.

The Australian S&P/ASX 200 Index delivered a healthy 23 per cent total return in 2019 surprising many investors.

It is worth remembering that in late 2018 concerns about US interest rate hikes and slowing economic growth led to markets selling off aggressively.

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    Original URL: https://www.afr.com/link/follow-20180101-p53r1p