Both predict the S&P 500 will perform below a 10% average per year over the next 7 years. From Gates:
This desire to have high absolute returns–and seeing that places like Harvard University were cleverly in alternative assets–has led to this thought that “Okay, there must be something out there returning 10%. I just haven’t found it yet.” So the fact that expectations of returns exceed reality, that’s still true today.
Gates on Economics:
It’s too bad that economics isn’t taught or a