| March 2013 | |
| A Gross Underestimate |
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As we enter 2013, we felt it would be an appropriate time to revisit one of last year’s most controversial predictions of future equity performance. We acknowledge that equities in general may not continue to deliver the same real rate of return they have over the last century; however, we believe the glum outlook forecasted by Bill Gross last year misses the mark. Our estimates of future equity returns all point to a meaningfully higher forecast than Gross’ pessimistic prediction. |
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