Is Vanguard Predicting the Future?

Vanguard says, hey, I think they're going to be lower rate of returns moving forward and things turn out better than they predicted. Nobody's upset at that. Everybody celebrates when the weatherman predicts rain and it does not rain. However, if they were to be too aggressive and say, we think that over the next 10 years, the market's going to return 10%. It only performs 8% or 9%. People will be very upset about this. So I think it's a little bit of protecting career risk by these big institutions that is better to set expectations low. In reality, we can see time and time again, things turn outbetter than what was predicted in days gone