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Vanguard warns of 5-8% equity returns a year for next decade; 2-3% for bonds

Some factors: High current valuations, low interest rates, ageing populations, rise of technology

The S&P 500 Index of US shares has surged 12 per cent this year, heading for its biggest annual gain since 2013.


THE world's biggest mutual fund company says it's surprised by the global economy's strength this year, but that doesn't mean it's more optimistic about the investment outlook.

Investors should brace for a decade of "muted returns", said Nathan...

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