Investing Newsletter - Jul 2019

• Stock and bond markets rebounded sharply in the first half of 2019.

• Over the next 10 years, Vanguard expects stock and bond returns to be lower than the historical averages.

• Vanguard forecasts higher returns for foreign stocks vs. US stocks during this period.

• GMO’s 7-year return forecast is lower than Vanguard’s.

• Stocks, as measured by the S&P 500, have neared their historical average return for only 6 out of the last 93 years – returns have varied widely for other years.