And he points to lots of risks on the horizon—the possibility of a hard landing in China, the European situation and the U.S. presidential election among them—that remain a concern. Still, in terms of risk assets, Campbell sees stocks as attractively priced and on a longer-term basis believes they should outperform bonds by a comfortable margin. "The trouble is," he notes, "what happens between now and the long term."
Want to learn more about Ed’s outlook? Watch this video. Want to speak to Ed? Contact Theresa Miller.