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Long-term asset returns



Authors / Editors

Dimson E;Marsh P;Staunton M

Publication Year



This chapter summarizes the long-run global historical evidence on the returns from stocks, bonds, bills, and exchange rates, all adjusted for inflation, over the 116 years since 1900. It updates and expands the data originally published in our 2002 book, "Triumph of the Optimists". Given that returns are volatile, long-run historical data are important or understanding security returns and long time series are needed both to reduce measurement errors and to span the broadest possible range of istorical market conditions.

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