Guarded Outlook

Vanguard Group Inc. “has the most guarded outlook for markets since 2006,” Joe Davis, the investment firm’s chief economist, said on a panel. “It’s going to be challenging going forward.”

It expects less than 6 percent annual returns in the next five years for a generic basket of stocks and bonds. That compares with 7.3 percent in 2014 and an average 8.7 percent annual payout since 1926.

With such ho-hum gains and central bank-induced volatility that doesn’t appear to be ending anytime soon, investors may just keep turning to the ETFs and computer programs instead of those more-expensive humans.

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