Investing in Equity Markets

indexing is going to take a bigger share of global equity assets over the next decade. I don't think it'll become 50% of the US market, even in that period, could be 50% in the mutual fund market. If you look at long-term treasuries, taking the 10 year and compare it at a typical equity risk premium, you get to the same couple percentage points below long-term averages. There's a lot of convergence around that.