Opinion: Vanguard’s U.S. stock-market call is even more shocking than you realize - MarketWatch

1. Vanguard forecasts U.S. stocks underperforming compared to bonds over the next decade. 2. The S&P 500 may yield 2.5% to 4.5% nominal returns, potentially negative in real terms. 3. Large U.S. growth stocks could lose 20% to 40% of value in real dollars. 4. International developed markets may see 50% to 100% returns, outperforming U.S. large caps. 5. Diversification remains critical despite Vanguard's bearish outlook on U.S. equities.