Written by Portfolio Manager Iain Stewart, the Perspective on Returns paper delivers insights on:

  • Why we anticipate lower returns and a more volatile financial environment
  • How we believe expected returns do not compensate for the risks being taken in many markets
  • How policymakers are getting caught in a trap of their own making
  • Why we think investors should not chase market upside to make a decent longer-term return
  • Why the last cycle seemed to fit our model, and why we think this cycle may be a rerun of the last

Then and Now – a Different World

Mapping the profound transformation of the investment landscape since the early 1980s

A perspective on investment returns: infographic

For illustrative purposes only.
Source: Bloomberg, Bureau of Economic Analysis, Thomson Reuters Datastream, U.S. Census Bureau, Newton, January 2018.
*10 years of earnings used to remove the effect of the economic cycle from the P/E calculation.