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Time stamps:
0:00 - Why do stock markets go up?
0:35 - Warren Buffett's 1990 shareholder letter
2:42 - Retained earnings are the key
3:12 - The numbers (S&P 500 example)
5:23 - US returns on equity and earnings growth
6:42 - Final thoughts

Enjoy :)

Disclaimer:
I am not a financial adviser. This video is for education and entertainment purposes only. Seek professional help before making any investment decision.​