As U.S. stock prices rise, the risk-return trade-off gets ...

stocks are trading above fair value, they aren’t yet near the extremes reached in the dot-com high. • Even so, our five-year outlook for U.S. stocks is subdued at best, and the benefits of global diversification are particularly compelling because of better prospects for non-U.S. equity markets. Our simulations show that, under current market ................
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