Hitting the wall

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<title>Hitting the wall</title>
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<namePart>Inglis, R. Evan</namePart>
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<abstract displayLabel="Summary">We haven't come fully to grips with it yet, but our financial world is going through a massive transition that will create challenges for investors in public and private markets. Pension plans, retirement savers, endowments, and foundationsand anyone else who intends to spend some of their invested assets in the futurewill eventually have to come to terms with a dramatically different level of investment returns than we have gotten used to. This new world of returns will be driven by low interest rates, which create high asset prices. Low  rates, or more precisely the almost 40-year steady decline10-year Treasuries went from yielding higher than 15 percent in 1981 to below 2.0 percent and now hover a bit under 3.0 percentis a double whammy for returns. The decline in rates simultaneously increases past returns and drives down the potential for future returns as it pushes up asset prices, creating a huge disconnect between our past experience and the future that is likely before us.</abstract>
<note type="statement of responsibility">R. Evan  Inglis</note>
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<topic>Inversiones</topic>
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<topic>Ahorro a largo plazo</topic>
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<title>Contingencies : American Academy of Actuaries</title>
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<publisher>Washington : American Academy of Actuaries, 2019-</publisher>
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<identifier type="local">MAP20190020794</identifier>
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<text>07/03/2019 Año 2019 - March-April , p. 24-29</text>
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