最新报道:Vanguard warns that U.S. stocks may deliver only 4%-8% annual returns over the next decade due to overvaluation and slowing economic growth. The investment giant cites elevated price-to-earnings ratios and declining productivity as key risks, with large-cap stocks particularly vulnerable. While maintaining a slight overweight in equities, Vanguard advises investors to diversify globally and consider bonds offering higher yields. The firm's long-term outlook remains cautious, projecting subdued returns across most asset classes amid persistent inflation and tighter monetary policies. Emerging markets show relative value but face geopolitical uncertainties.