In three table below, you can find the long term capital market expectations published by MFS Investment Management (for professional and institutional investors). It’s a great exercise to read and understand because it ranks, according to valuation metrics and methodology, what can be expected from different asset classes over the long term, eliminating the short term noise. As you can see, the prospects of returns for US equities are not the greatest for the next 10 years, as the valuations and technicals of the market give little room for improvement. European and EM equities however, seem very attractive in relative and absolute terms to US peers, simply because valuations are lower, after several years of underperforming. The value of this exercise is not necessarily the numbers themselves, but the direction amd the relative behavior of the different asset classes. And the conclusions that can be drawn from this paper is that opportunities lie outside the U.S. for the next 10 years. You can find this publication and more in Fund@mental.
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