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We are keep it simple and sidestep a functional few technical issues. Specifically, some of us are looking at expected returns where are long-term, real, compound and pre-tax. By long-term, we mean 1 like 10 years, as short perspectives raise questions of market timing. (That is, it is understood the fact that markets will be over or under-valued in the short run.) By 'real', we mean net of inflation. Even if we estimated the selection and bond returns in nominal terms, inflation would fall out of their subtraction anyhow. And by 'compound', we mean to ignore the fabled question of whether forecasted returns really should to be calculated as arithmetic in addition to geometric (time-weighed) averages.

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