On another call http://xvedio.in.net/ sexvedio I think it’s also important to ask what happens to other asset classes that are competing for savings. If bonds generate very low returns for the next decade, are stocks going to do better? (Are bonds in other parts of the world going to do better, in dollar terms, than US bonds?) If all long-duration assets are going to be grinding lower, then (unless you have the kind of knowledge/expertise that allows you to outperform your asset classes) your only real choice is cash.