Vanguard’s Chairman Sees Muted Decade for Stocks After Long Rally

European and Asian markets may do a bit better than the U.S.
Asset manager looks at possibility of funds in booming China

F. William McNabb, Vanguard Group’s chairman, says concerned that the U.S. equity market is becoming "irrational."(Source: Bloomberg)

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By Tom Mackenzie and Nico Grant

January 17, 2018 at 10:00 PM UTC

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F. William McNabb, Vanguard Group’s chairman, cautioned investors to consider reducing their stock exposure before the nearly 9-year-old rally ends.

“We would expect the next decade to actually be very modest on the equities side in the U.S., a little less so in Europe and a little less so in Asia,” McNabb said in a Bloomberg Television interview that aired Thursday. “But it’s still overall lower than long-term historical averages.”