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Historically small cap and value have outperformed LC and growth over the long term. They have more risk so there is more reward. Whether this persists into the future...?
Again none would advocate 100% of your equities be S&P 500 but it could be a portion of your indexed portfolio. You could also argue that given reversion to the mean the S&P500 could be poised for better returns then others in the next 10-20 years...
DD
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