Where did you go to university? productos himalaya himcolin As James Montier, strategist at GMO, points out, it is possible that the Fed chooses to keep rates low across the interest rate curve for a long time. That would improve returns for bonds, and certainly might avoid a reckoning for equities, but still on GMO’s math only brings that seven-year annualized return for a mixed portfolio to 1.7 percent above inflation.