#21 The Economist
Behind the Balance Sheet
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The Future of the Financial Markets
The financial markets have had a tailwind from declining interest rates. That has run from the early 1980s to the present or recent past anyway. It's produced strong returns in the bond market, but also it's underpinned all of the equity valuations too. But what I think we can't deny is that the very high returns that we've seen have been bringing forward future returns and leave us expecting somewhat lower returns in the future than we've seen generally in the past.
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