Prudent, long-term investors plan to capture long term risk premia via a number of persistent factors that have historically delivered significant excess risk-adjusted returns. With inflation below their target, high unemployment, and a poor demographic outlook it's hard to believe that when the Fed decides to raise rates they will do so significantly. Expect lower than normal long-term returns and allocate risk and assets appropriately to protect yourself from the imminent downturn in equities over the next ten years.