[dursk]

> The McKinsey study focuses on U.S. and Western European stock and bond markets and doesn’t take investments in emerging markets into account, largely because of a lack of reliable long-term data.

Wouldn't that imply that their predicted returns are much lower than they'll most likely be? Assuming that majority of growth over the next X years will come from emerging markets, if they're leaving emerging markets out of the calculation then their estimates are going to be low.