Institutional Investor quoting Morningstar data on 5/21/18.
2 Total return of the S&P 500 Index starting from the last business day in the prior decade. Data from Bloomberg Finance LP.
3 For an example, see Betterment's asset allocation framework, which does not appear to change based on movements in expected asset class returns.
4 Senator Elizabeth Warren report from 2015: "Villas, Castles, and Vacations: How Perks and Giveaways Create Conflicts of Interest in the Annuity Industry."