Vanguard economic and market outlook for 2019: Down but ...

decades and of the postcrisis years, when global equities have risen 12.6% a year since the trough of the market downturn. We do, however, foresee improving return prospects in non-U.S. developed markets, building on slightly more attractive valuations (a key driver of the equity risk premiums) combined with higher expected risk-free rates. ................
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