1) The document discusses using a "building blocks" method to estimate future returns for both stocks and bonds. For stocks, the key blocks are earnings growth, dividend yields, and changes in valuation multiples. For bonds, the blocks are expected inflation, term premiums, and real yields. 2) The analysis estimates that stock returns over the next decade will be around 8.5% annually, lower than historical averages due to currently low dividend yields and limited room for further multiple expansion. Bond yields are expected to gradually rise into the 6% range over the next 10 years. 3) Investors are advised to remain vigilant with fixed income given the prospects for higher rates, and to be active in adjusting their