August’s publication presents two articles with different ways of thinking about how strong future equity returns may be. One discusses the drivers of equity returns; the other takes a more macro-driven view and suggests corporate profits may be approaching some secular headwinds.

• “Cult Figures” Bill Gross, PIMCO, August 2012
• “Reports of the Death of Equities Have Been Greatly Exaggerated: Explaining Equity Returns” Ben Inker, GMO, August 2012