FT-‘ the natural response for investors facing a zero yield is to stop spending, save more and put money into markets — actions that lead to asset bubbles. “The behaviour we are seeing is exactly what you would expect given that framework. People stop spending.
..If someone today invested $100,000 in a balanced portfolio of stocks and bonds, they could expect a return of $21,800 over the next two decades after costs. Ten years ago, that same investor might have expected to make $60,000, and three decades ago $150,000.”