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Tim Cook will step down as Apple CEO on September 1, 2026, ending a 15-year tenure. Aswath Damodaran's post acknowledges critiques of Cook's caution but praises his restraint during his leadership.

In April 2026, U.S. equities rallied sharply amid geopolitical turmoil, with the S&P 500 gaining 10.43%—its best month since April 2020—and the equity risk premium falling to 4.37%. The post questions whether current market optimism is justified.

The equity risk premium is a key component in corporate finance hurdle rates, valuation discount rates, and financial planning expected returns. A 2026 update of the author's comprehensive paper on ERP is now available for practitioners.

Active investing success is uncommon, and even among consistently successful investors, distinguishing luck from skill is difficult. There are also significant variations in market perspectives and investment strategies.