Barry Bannister, Managing Director and Chief Equity Strategist at Stifel, put out an excellent research piece on future returns based on what industry folks call the “equity risk premium.” He says that investors in U.S. common stocks are looking forward to no more than a 3% real return over the next decade from the S&P 500 Index and shows his reasoning in the following chart:Ironically, this is exactly the argument that Warren Buffett (Trades, Portfolio) made in 1999 in his lectures at the Allen and Co. Sum ...