Instead of a speculative Nasdaq stock at a 50 P/E, investors in the next 10 years should consider, say, an NYSE utilities stock that yields 5%.
Focus on dividend income in terms of stocks, as opposed to growth and investment-grade income from bonds. You can generate a portfolio that yields 4% to 5% and that is in some fashion protected against inflation.
If you're looking for growth, you should venture outside the U.S. Brazil and China and other Asia equities are the cherry on top of the melting sundae.
It's not only their internal economies; they're in better shape from the standpoint of reserves and balances. Ten years ago Brazil was a basket case and beggar. Now it has hundreds of billions of dollar reserves.
NEXT: Jeremy Siegel