Bernstein's future equity return projections

[wildcat]

Anyone have Bernstein's future equity return projections? I think I remember reading 6-7% nominal but I can't find it. If so could you provide me with a link? Thanks.

 

[Nords]

I don't think he's changed his tune since 2002:

"Which brings us back, as usual, to the Gordon Equation: The expected return of a stock or bond is equal to its income stream plus its growth. For stocks, this is (in nominal terms) 1.5% + 5% = 6.5%; and for bonds, 6.0% + 0% = 6.0%."

 

[JohnnieRed]

He talks about expected real returns on page 72 of The Four Pillars of Investing.