This book presents a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first.
This is achieved in a clear and simple way, with over 130 colour diagrams that make comparison easy.
The authors analyse total returns, including reinvested income.
They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful.
The book also provides the first comprehensive evidence on the long-term equity risk premium–the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa.
Professors Elroy Dimson from Cambridge University, Paul Marsh and Mike Staunton from London Business School are also the authors of the annual publication Credit Suisse Global Investment Yearbook published by Credit Suisse in collaboration with London Business School, the most recent published in 2020.
Link: (PDF) TRIUMPH OF THE OPTIMISTS | josoq ferr – Academia.edu
