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Input: F. William McNabb  Vanguard Groupâs chairman   cautioned investors to consider reducing their stock exposure before the nearly 9-year-old rally ends.
âWe would expect the next decade to actually be very modest on the equities side in the U.S.  a little less so in Europe and a little less so in Asia â  McNabb  said in a Bloomberg Television interview that aired Thursday. âBut itâs still overall lower than long-term historical averages.â
 McNabb  whose firm oversees about $5 trillion   said long-term investors may benefit by holding balanced portfolios with bonds as well as stocks.
âNo one can predict whatâs going to happen in the next 12 months â  he  said. âHaving just said that  Iâm sure the equity market will continue to skyrocket for the next few months.â

Vanguard's McNabb Sees Muted Decade for Stocks After Long Rally