[U.S. stocks delivered 8.7% annually since 1776](https://www.marketwatch.com/story/u-s-stocks-have-delivered-8-7-a-year-since-independence-was-declared-in-1776-7513ae04?mod=mw_rss_topstories), but that's the *average*. The distribution matters. With the 10Y-2Y spread at 35bp and sticky, we're in the regime where duration-sensitive names compress multiples while cash compounders stay resilient—financial services, utilities, healthcare.

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