Yesterday's Gone: Year-End Capital Markets Commentary and Expectations

Yesterday’s Gone: Year-End Capital Markets Commentary and Expectations by Research Affiliates

In the latest piece from Research Affiliates, Chris Brightman, chief Investment officer, and Jim Masturzo, Vice President, Product Management, present the firm’s updated return expectations, which estimate that the performance of U.S. stocks and bonds over the next 10 years will be significantly lower than long-term historical averages. Other asset classes may produce moderately better returns.

Yesterday’s Gone: Year-End Capital Markets Commentary and Expectations

“Don’t stop thinking about tomorrow… Yesterday’s gone, yesterday’s gone” — Fleetwood Mac

Bill Clinton followed this anthem into the White House 20-plus years ago, at the start of an era that brought us commercialization of the World Wide Web, rapid productivity growth, and a historic...