Just wanted to add that we are all used to stock performance in an era where the US is the dominant economic power, the dollar is the world currency, protectionism was in decline, globalism on the rise, and freer trade was the trend. This all happened after WWII.
Prior to WWII, the economic world was much more multipolar, mercantile, and protectionist and stocks behaved differently. Here is the stock performance from 1920-1955
The 30 year period from 1920-1950 was nothing to write home about. We are now shifting back to a protectionist mercantile mindset with the added negative prospects of population declines in the major economic powers, rapid population aging in the major economic powers, and projections of disruptive climatic changes at a global level.
Worth remembering that stocks didn’t always increase 10% annually.
If the appreciation of stocks becomes less certain then owning a house becomes increasingly attractive.