With low growth and low rates investors are grappling with the question of what returns they should expect. Mark Burgess, former CEO of The Future Fund, has warned that investors now need to lower their sights. "The reason it's so critical is because if you've got too higher number, you'll chase returns that don't exist. You'll be tempted. And to be honest the asset management business will be tempted to sell you that stuff. So you have got to get that number right." Burgess says that the past 30 years have seen a 'one-off' revaluation of assets courtesy of falling interest rates. The result is that capital gains have been brought forward, however, this stellar run won't continue and moving forward returns will be lower. In this excerpt from Livewire Live Burgess shares some interesting case studies on investor expectations and what he believes is a reasonable return today.