Billionaire investor Ron Baron says inflation will propel major stock gains in the coming decades, though everything will be 'twice as expensive'
But those risks are irrelevant to the overall trajectory of the market, which has been on an upward path for most of the past half-century, Baron said. Stocks are now 34 times their value in 1970, he estimated, despite various wars, recessions, and pandemics spanning last several decades. Economic growth also soared during that time period, withBaron predicted US economic growth will continue to accelerate, blowing past 7% over the next 50 years.
"I expect inflation to be as it always has been, as it always has been in every single democracy that's ever existed, 4-5% year," Baron said."That means you're going to have 35 times your money over the next 50 years. That means that the Dow Jones, which is now 34,000, will be 900,000," he later added, assuming growth notched at least 7%.
Investors are pricing in a 72% chance the Fed will raise rates another 25 basis-points at their July policy meeting, according to the . That move would lift the Fed funds rate target range to 5.25-5.5%, the highest rates have been since 2007.
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