Time for new wisdom about equities?

In the asset management universe, it has long been accepted that equities outperform other asset classes over the long term. Those gains, however, come with added volatility. That's the tradeoff. Nobels have been won in the pursuit of that simple proposition. But USA Today notes that over the past decade, the Standard & Poor's 500 has delivered a total return of 33 percent vs. a 39 percent return for three-month Treasury bills. Now this fact doesn't mean anything, and certainly doesn't prove anything; it could well be a statistical blip. But another cliché of the industry is worth keeping in mind: Past performance is no guarantee for future performance.

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- here's the article