Are We in a Lower Return Environment?

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In recent meetings with clients, we have often presented a graphic that shows the average annual returns of the U.S. stock and bond markets from 1986 to today. Why that particular 30-year time period? Because it almost exactly corresponds to my career in the investment business. It also, coincidentally, parallels a historic bull market in [...]

How the Next Financial Crisis Might Happen

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Since 2008, investors around the world have had one eye in the rearview mirror, wondering when the next crisis will hit. It’s a topic of numerous client conversations we have in the office, on the phone, and around the coffee table. Naturally, our first inclination is to expect the next panic to resemble the last [...]