“Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” (John Templeton)
12 of the worst economic predictions ever made by highly intelligent people: https://www.businessinsider.com/12-...ligent-people-have-ever-made-2015-5?r=US&IR=T
Although it's certainly true that broad market returns are usually reported in nominal rather than in inflation corrected terms, nevertheless a portfolio that duplicated the S&P would on average, over time produce a significantly positive, inflation adjusted ROI.