The Case for the Dow 20,000

Are you tempted to give up on stocks? It’s certainly understandable, after more than a decade of high volatility and low returns from stocks—and lower volatility with higher returns from bonds. But we think you’re likely to regret it if you do.

In “The Case for the 20,000 Dow,” Bernstein Chief Investment Officer Seth Masters outlines why fundamentals suggest to us that stocks are likely to deliver good returns over the next decade. Our median projection is about 8% a year—somewhat below the historical average, but far better than most people seem to expect.