Notably, this study did not include funds that closed during the period studied, which means the actual aggregate returns for all active funds were likely even worse than shown in the graph. (mindfullyinvesting.com)
Can commodities still be useful for portfolio diversification, despite their recent poor aggregate return, high volatility and elevated return correlations with other asset classes? (cxoadvisory.com)
(Malkiel appears to use recent history to estimate the dividend growth rate, but other methods also exist such as multiplying the market's aggregate return on equity by its retention ratio, the percentage of earnings that the market does not pay out in dividends.) (barelkarsan.com)