Jul

21


I am only now taking a look at "credit suisse global investment returns sourcebook 2013" which was published in February 2013.

Chart 2

Cumulative returns on US asset classes in nominal terms 1900-2012

Equities 1 to 25507 (9.4% per year)
Bonds 1 to 253 (5.0% per year)
Bills 1 to 74 (3.9% per year)
Inflation 1 to 27 (3.0% per year)

Chart 3

Cumulative returns on US asset classes in real terms 1900-2012

Equities 1 to 952 (6.3% per year)
Bonds 1 to 9.4 (2.0% per year)
Bills 1 to 2.7 (0.9% per year)

Table 1 shows real equity returns for various countries 1900-2012:

USA 6.3% per year (see above)
UK 5.2% per year
World 5.0% per year

The authors are exceedingly cautious about the future, making various downward adjustments to these figures for prediction purposes.

N.B. The Sourcebook is not easily found online, an abbreviated free version called the Yearbook is available here: Credit Suisse Yearbook 2013 [69 page PDF] .  The range of data is less and it is not organized in the same manner, however.


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