U.S. investors should expect real returns of 3% for the stock market over the long term, says Rob Arnott, chairman and chief executive of Research Affiliates and a subadvisor to PIMCO, managing about $50-billion in assets. Arnott says investors should lower their overall expectations for returns. He also says with bond yields low and stock markets high, U.S. investors need to broad their horizons. For example, Arnott says European markets are trading at attractive levels, as are emerging market bonds. Arnott spoke at Camp Kotok, an annual retreat for money manager and economists in Maine.
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