How Will Market Recoveries Affect My Plan?

This is something I find myself frequently asking. Right now, I'm enjoying the current situation. Stock prices are relatively low, yields are good and valuation is proving to be attractive. I certainly don't expect this situation to persist in the long run though. I kind of expect P/E multiples to increase again and yields to decline. On the other hand, I also expect short term earnings growth to increase though, which is not horridly meaningful while I'm saving. For the next several years, I still expect that the bulk of my gains will be from new money being introduced into my portfolio. Afterwards, I suspect that this will be little more than one of many blips in long term growth.