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

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.”