Triumph of the Optimists: 101 Years of Global Investment Returns

Elroy Dimson Paul Marsh Mike Staunton

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Triumph of the Optimists: 101 Years of Global Investment Returns

Triumph of the Optimists Years of Global Investment Returns Investors have too often extrapolated from recent experience In the s who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be % pe

  • Title: Triumph of the Optimists: 101 Years of Global Investment Returns
  • Author: Elroy Dimson Paul Marsh Mike Staunton
  • ISBN: 9780691091945
  • Page: 457
  • Format: Hardcover
  • 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 TInvestors 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.

    • Best Read [Elroy Dimson Paul Marsh Mike Staunton] ☆ Triumph of the Optimists: 101 Years of Global Investment Returns || [Nonfiction Book] PDF ´
      457 Elroy Dimson Paul Marsh Mike Staunton
    • thumbnail Title: Best Read [Elroy Dimson Paul Marsh Mike Staunton] ☆ Triumph of the Optimists: 101 Years of Global Investment Returns || [Nonfiction Book] PDF ´
      Posted by:Elroy Dimson Paul Marsh Mike Staunton
      Published :2018-01-15T02:01:37+00:00

    One thought on “Triumph of the Optimists: 101 Years of Global Investment Returns

    1. George Jankovic on said:

      The best book on the history of the stock and bond markets across a multitude of countries.

    2. Joel Mitchall on said:

      Most professional investors would be very familiar with Dimson, Marsh & Staunton's research, particularly their annual release in the Yearbook. This book takes us back to the beginning, meaning that most of the data is now out of date, but even so, the themes and commentary is great. For non-professional investors, this would provide a very handy background to events in global markets, asset classes, and economies.Note: It would be great to see a reprint of this every 10 years or so, with a [...]

    3. Chris on said:

      Extremely interesting collection of data on historical asset class returns.You may know that stocks have done well in the US, but this allows you to start to answer some questions you should have, like: "What happened to the financial markets if a country lost a war / had hyperinflation / underwent a major government regime change ?" While there is still some selection bias in the countries presented (they had relatively continuous equity markets for the last 100 years, where 100% loss was not e [...]

    4. Jacob on said:

      Very useful, especially for its international perspective and detailed graphing of returns that are usually only expressed as century long averages in many other places.

    5. SallyStenger on said:

      recommended by WSJ 11-29-2014 p. B9, best books for investors

    6. Peter Keilman on said:

      Important for a background understanding of many countries and markets throughout the modern era.

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