GMO 7-Year Return Forecast: US High Quality is the Place to Be
All the numbers are net returns after a 2.5% of long term inflation rate.
The results for US market is very close to what GuruFocus gets from the ratio of total market cap over GDP, or Shiller P/E ratio.
The prediction for emerging market is lower that what GuruFocus expected from the Global Market Valuation page. This page also predicts better returns from Singapore and Australia.