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Triumph of the Optimists

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Triumph of the Optimists

Triumph of the Optimists

101 Years of Global Investment Returns

352 pages

Résumé

Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present 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 color diagrams that make comparison easy.

Crucially, the authors analyze 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.

Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.

All three authors are at the London Business School. Elroy Dimson is Professor of Finance. Paul Marsh is Esmée Fairbairn Professor of Finance. Mike Staunton is Director of the London Share Price Database.

Contents

Part One: 101 years of global investment returns
  • Introduction and overview
  • World markets: today and yesterday
  • Measuring long-term returns
  • International capital market history
  • Inflation, interest rates, and bill returns
  • Bond returns
  • Exchange rates and common-currency returns
  • International investment
  • Size effects and seasonality in stock returns
  • Value and growth in stock returns
  • Equity dividends
  • The equity risk premium
  • The prospective risk premium
  • Implications for investors
  • Implications for companies
  • Conclusion
Part Two: Sixteen countries, one world
  • Our global database
  • Australia
  • Belgium
  • Canada
  • Denmark
  • France
  • Germany
  • Ireland
  • Italy
  • Japan
  • The Netherlands
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • United States
  • World

L'auteur Mike Staunton

Autres livres de Mike Staunton

Caractéristiques techniques du livre "Triumph of the Optimists"

  PAPIER
Éditeur(s) Princeton University Press
Auteur(s) Paul Marsh, Mike Staunton, Elroy Dimson
Nb. de pages 352
Format 22 x 28,2
Couverture Relié
Poids 1756g
Intérieur Quadri
EAN13 9780691091945
ISBN13 978-0-691-09194-5
Sélection de Noël

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