He explicitly says he's not predicting, he is saying what a reasonable assumption would look like, and what it implies about your assumptions.
Most of us need at least some scenario planning, and what parameters to use for reasonable scenarios.
He knows prediction is impossible, although invest we must.
e.g. assuming 10% nominal returns in a normal inflation environment has implications on earnings growth and multiples that haven't been shown at any time in the past 100 years. You want to use that, fine says Bogle, but just be aware what you are saying: that the future will be much better than the past. That's all.
Most of us need at least some scenario planning, and what parameters to use for reasonable scenarios.
He knows prediction is impossible, although invest we must.
e.g. assuming 10% nominal returns in a normal inflation environment has implications on earnings growth and multiples that haven't been shown at any time in the past 100 years. You want to use that, fine says Bogle, but just be aware what you are saying: that the future will be much better than the past. That's all.