Investing Difficulty and Historical Returns

Investing has become significantly harder due to increased wealth, more investment options, larger sums to manage, and increased competition.
The historical returns of 8-10% per annum, adjusted for inflation, were achieved because the Great Depression had demoralized investors and the economic system improved.
Returns of 2.5% were the norm in England at the beginning of the 20th century for safe investments, highlighting how unusual the last 100 years were.
The past performance should not be extrapolated to predict future returns because the conditions that enabled those returns are unlikely to persist.

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