Short-Term Investing in Hard Times: From Panic to Normalcy and Vice Versa

A long-term perspective is difficult to maintain through the roller coaster of the past 10 years. It is reasonable to wonder when we will revisit the much preferred bull market of the 1980s and 1990s. While we think world equity markets should earn positive real rates of return over the next five to 10 years, we are less certain there will be a multi-year, low-volatility run-up.