After nearly three decades of benign capital-markets behavior, the last five years have been much more challenging for investors and for advisors. Our industry is still sorting out the implications of the assumptions we made about the markets prior to 2007: “There was no intellectual justification for assuming that the market movements from 1980 to 2005 were the best predictor of market movements after 2005.”

Unfortunately, almost from top to bottom, our industry built a set of optimistic assumptions and then based important decisions on them.

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