when you buy a bond, you get interest, when you short a bond, you owe interest. when you short a bond, if it does nothing for a year, you are not breakeven, you are down by the coupon. - Howard Marks
since 1986, a blend of equities 9.8%, high yield bonds 8.4%, mortgages 6.6%, treasuries 6.2% yield 7.5% which is what pension funds historically hope to make.
I think that currently you would do well with 5.5% - Howard Marks
7% sounds about right for GIC CPF - sauce