Investors have blown it big time since the financial crisis, said Richard Bernstein, chief executive of Richard Bernstein Advisors. Despite the consensus view that we’re in a low-return environment, the S&P 500 has returned more than 15 percent per year over the last five years, while bonds returned about 2 percent and hedge funds 4 percent, he said. The compounded difference between stocks and bonds over that period is 97 percent. “Investors still do not fully appreciate the magnitude of opportunity cost they have paid to alleviate their fears that 2008 would repeat,” Bernstein said in a year-end report.