Subject: OT: T-Bills
Three-month T-Bills are now yielding 4.8%, up from 0.01% in Jan 2022. I expect T-Bills to outperform the S&P 500 over the next five years. If the trailing P/E on the S&P 500 drops to 16 from today's value of 23 over the next five years, that will trim 7 percentage points off of the 5-year annualized return.