Future Returns From Stocks And Bonds by Brandywine Asset Management
This is an update to the article I originally wrote in mid-2013 (and updated once previously in 2014) that projected the future returns to be earned from stocks and bonds through the remainder of this decade. The article was based on research I conducted in writing my best-selling book, Jackass Investing: Don’t do it. Profit from it [i].
Unfortunately, for people intent on adhering to a conventional 60-40 portfolio, or gambling [ii] their returns on placing money primarily in stocks, future returns continue to look lethargic at best. The projected returns are lower than historical returns and also what most people anticipate for two primary reasons:
- The stock market...

