Investing in the next cycle #1: lower safe asset returns
10 YEAR TREASURY 10 YEAR REAL ANNUAL RETURN
12
12
9
9
10 YEAR AHEAD RETURN BASED ON HISTORICAL DATA.
6
6
3
3
0
0
-3
-3
1985 1990 1995 2000 2005 2010 2015 2020 2025
1
Sources: Bloomberg, BLS, NBER
53
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