Via Morgan Stanley:
Morgan Stanley’s Research department is currently working on, and debating, what we think the market will look like in 2020. But before thinking about the year ahead, it can be useful to take an even longer perspective. If we put aside the noise around politics and trade, ignore the market’s obsession about every word that central banks utter, or every data release, and step back from it all, what sort of returns can a long-run investor expect from this market?
This is not purely an academic exercise.
