Don't believe claims of reliable 20%+ returns

When I started learning about investing (1996), the market, in at least one way, was a lot like today's. It was, as today, the ninth year of a bull market. Then expectations were common among many that 20%+ annual returns could be achieved.

I don't know if those same expectations exist today, but Wes Gray helps explain in this interview (excerpt above), and this podcast how unrealistic such expectations are. Here is a screenshot of part of the transcript from the podcast: