Document summary
This report looks at a long history of returns across major asset classes and makes assumptions on the future based not on short-term history or analysts' immediate forecasts but on the very long-term rhythms and secular structure of returns. The third of this type, this report highlights how the "Golden Era" for returns and growth seen between the early 1980s and mid-2000s was partly demographic led and partly driven by a Globalisation story that may have done more harm than good to the developed world. This report also suggests to prepare for more volatility, shorter business cycles, more quantitative easing, an aging population and sub-average returns in many asset prices.