MALVERN, Pa. – Investing legend John Bogle is hardly alone in forecasting that investors should expect lower returns for stocks over the next decade.

But Bogle’s expectations could result in another phenomenon: Range-bound equity markets could have a huge impact on clients' municipal bond portfolios. Speaking at the annual Bogleheads gathering near the headquarters of Vanguard, the asset management giant he founded, Bogle made a strong case that stock returns are driven by three factors: earnings growth, dividend yield and speculative return.

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