Future Returns

“And we know that the last one, three, five years of performance correlate almost nothing with the next one, three, five. So the way to get the next one, three, five is looking at process and looking if it makes sense and looking if the manager is going to stic…”

“We can take the long bond rate or some forecast beyond that and say, disaggregate that and say, what is the implied equity risk premia? And that's actually a pretty good predictor of future returns over 10 years so.”