Bill Nygren, lead manager of the $5.3 Oakmark Fund and a partner with Harris Associates, tells The Wall Street Journal he foresees single-digit returns for stocks over the next decade.

"Someone anticipating sustainable double-digit returns from any category of investment is bound to be disappointed. The long-term bond is yielding about 5% today. If equities deliver their typical performance of several percentage points better than that, a broad equity portfolio ought to be able to provide a long-term return in the upper single digits."

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