A01=Elroy Dimson
A01=Mike Staunton
A01=Paul Marsh
Actual Return
Alternative Investment Market
And Interest
Asset
Author_Elroy Dimson
Author_Mike Staunton
Author_Paul Marsh
Basis Point
Bonus Issue
Capital appreciation
Capital gain
Category=KCB
Category=KCZ
Category=KFFM
Compound interest
Currency
Current yield
Developed country
Developed market
Developing country
Diversification (finance)
Dividend
Dividend yield
Economic growth
Economic power
Efficient frontier
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Equity Market
Exchange rate
Expense ratio
Face value
Fair value
Foreign direct investment
Growth investing
Growth stock
High-yield debt
High-yield stocks
Indexation
Inflation
Investment
Investor
Irrational exuberance
Long run and short run
Market capitalization
Market power
Market value
Opportunity cost
Outperform
Percentage
Percentage point
Present value
Productivity
Protectionism
Purchasing power
Purchasing power parity
Rate of return
Real interest rate
Real Rate Of Return
Real versus nominal value (economics)
Redemption value
Reinvestment Rate
Repurchase agreement
Return on equity
Risk premium
Share price
Size premium
Small Firm Effect
Special dividend
Stock market
Tax
Tax efficiency
Treasury Bill
True Value
Unbiased Predictor
Value investing
Value Place
Value premium
Product details
- ISBN 9780691091945
- Weight: 1474g
- Dimensions: 216 x 279mm
- Publication Date: 03 Feb 2002
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Hardback
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Easy returns
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 Esmee Fairbairn Professor of Finance. Mike Staunton is Director of the London Share Price Database.
