- Alternative Assets
- Global Macroeconomics
- Markets
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- Portfolio Management
- Quarterly Global Valuations
- Wealth Management
Financial History
Firm
Type
Bubbles
June 2026
Over the (Very) Long Run, Stock Bubbles Are Rare
Yale University
Article
5 Pages
Yale Insights looks at whether rapid industry booms usually spill into broader market crashes.
Financial History
May 2026
Finaeon Guide to Global Financial Markets 2026 Edition
Finaeon
Research
350 Pages
Bryan Taylor’s annual paper provides comprehensive coverage of the performance of financial markets in 27 countries and 3 global markets.
Financial History
May 2026
Six lessons from history’s greatest financial crises
Financial Times
Article
48 Pages
Financial Times uses financial history to show why today’s risks are not as new as they appear.
Financial History
April 2026
The Miracle of Markets and the 100-Year Dataset That Changed the World
Dimensional
Research
10 Pages
Dimensional explains how 100 years of CRSP market data changed investing by replacing guesswork with evidence.
Financial History
April 2026
Housing Prices, Wars, and Epidemics over Six Centuries
Research
47 Pages
Swiss Finance Institute examines six centuries of Stockholm housing data to test how wars, bubbles, and epidemics affect house prices over time.
Financial History
April 2026
50 years. 50 facts. Indexing since 1976.
Vanguard
Article
5 Pages
Vanguard shared 50 facts from 50 years of index investing.
Financial History
April 2026
Reconstructing a Century of U.S. Corporate Bonds: Credit Risk in Historical Perspective
Research
65 Pages
The authors construct a new historical corporate bond database spanning 128 years, from 1895 to 2022, allowing them to estimate a corporate bond counterpart to the equity risk premium.
Alternative Assets
March 2026
An Index of Commodity Futures Returns Since 1871
Research
22 Pages
The authors document the returns to a broadly diversified index of commodity futures over more than 150 years of U.S. market history.
Developed Markets
March 2026
The long-term performance of Swiss equities and bonds (1900–2025)
Pictet
Research
12 Pages
Pictet Wealth Management analyzes the long-term performance of Swiss equities and bonds back to 1900.
Annual Report
March 2026
Global Investment Returns Yearbook 2026
UBS
Research
24 Pages
The UBS Global Investment Returns Yearbook offers a comprehensive record of long-term performance across stocks, bonds, bills, currencies, and other asset classes, tracing developments back to 1900.
Financial History
December 2025
Global Housing Returns, Discount Rates, and the Emergence of the Safe Asset, 1465 2024
Research
77 Pages
Boston College reconstructs centuries of housing returns and discount rates to understand how real estate and sovereign bonds evolved as core assets.
Markets
March 2025
Global Investment Returns Yearbook 2025 (GIRY)
UBS
Research
22 Pages
UBS updated their annual GIRY, which highlights the evolution of global markets over the past 125 years.
Markets
November 2024
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Research
48 Pages
This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.
Markets
June 2024
The Life Cycle of Market Champions
Bridgewater
Research
12 Pages
Bridgewater takes a historical look at how market champions of the past and if there are insights into how today’s market champions may perform in the next decade.
Markets
May 2024
Learn from Last Tech Bubble to Embrace GenAI Mania
Research Affiliates
Research
8 Pages
Research Affiliates studies the internet bubble of the 1990s as a guide for how to think about the AI craze today.
Annual Report
March 2024
Global Investment Returns Yearbook 2024 (GIRY)
UBS
Research
57 Pages
This annual report from UBS is a great guide to historical returns for, covering 35 markets and five composite indexes, with some dating back to 1900. It’s one of our favorite reads every year.
Annual Report
February 2023
Global Investment Returns Yearbook 2023
Credit Suisse
Research
54 Pages
Credit Suisse Research Institute distills a century plus of global market history to frame realistic expectations for returns and risk.
Annual Report
March 2022
Credit Suisse Global Investment Returns Yearbook 2022 Summary Edition
Credit Suisse
Research
50 Pages
Credit Suisse explores how 122 years of global asset returns can inform today’s inflation-driven regime shift.
Annual Report
March 2021
Global Investment Returns Yearbook 2021 Summary Edition
Credit Suisse
Research
76 Pages
Credit Suisse Research Institute explores over a century of global market returns, with a particular focus on emerging markets and their evolving role in portfolios.
Portfolio Management
April 2020
Equity Styles And the Spanish Flu
Robeco
Research
5 Pages
Robeco analyzes how equity factor styles behaved during the Spanish Flu alongside World War I, using extended historical data to study market stress before modern datasets.
Annual Report
February 2020
Summary Edition Credit Suisse Global Investment Returns Yearbook 2020
Credit Suisse
Research
48 Pages
Credit Suisse explores over a century of global asset returns, focusing on ESG investing, long-term performance, and factor strategies across 23 markets.
Miscellaneous
June 2019
Russell US Indexes – 40 Years Of Insights
FTSE Russell
Research
31 Pages
FTSE Russell walks through the evolution of its US equity indexes, explaining how a rules-based, comprehensive framework reshaped benchmarking and passive investing.
Annual Report
February 2019
Summary Edition Credit Suisse Global Investment Returns Yearbook 2019
Credit Suisse
Research
43 Pages
Credit Suisse examines 119 years of global asset returns, comparing equities, bonds, and cash while exploring risk premiums, emerging markets, and factor investing across 23 countries.
Financial History
September 2018
Misleading Lessons of History
Newfound Research
Research
8 Pages
Newfound Research explores how investors often draw misleading conclusions from historical market data, especially when evaluating strategies and asset performance.
Annual Report
February 2018
Credit Suisse Global Investment Returns Yearbook 2018
Credit Suisse
Research
43 Pages
Credit Suisse examines 118 years of global asset returns, factor investing, and private wealth performance to frame today’s low return environment.
Annual Report
February 2018
Credit Suisse Global Investment Returns Yearbook 2018
Credit Suisse
Research
22 Pages
Credit Suisse explores 118 years of asset returns, factor investing, and private wealth trends to frame today’s low return environment.
Markets
November 2017
The Rate of Return on Everything, 1870–2015
Federal Reserve Bank
Research
123 Pages
The study investigates historical returns across major asset classes since 1870, finding that both housing and equities have generated similar returns, though housing shows lower volatility. It also highlights that, globally, the weighted rate of return on capital was twice as high as the growth rate in the past 150 years.
Miscellaneous
September 2017
Why Selling a Big Position of Puts the Day Before the Crash of ‘87 was a Great Trade
O’Shaughnessy Asset Management
Research
2 Pages
Jim O’Shaughnessy reflects on how selling his put position hours before the 1987 crash reshaped his investing philosophy.
Portfolio Management
June 2017
Historical Returns of the Market Portfolio
Robeco
Research
51 Pages
This paper reconstructs the global market portfolio from 1960 through 2015, tracking returns across equities, real estate, and bonds to examine how the average investor actually performed.
Financial History
June 2017
The Rate of Return on Everything, 1870 to 2015
Research
83 Pages
The authors examine 150 years of returns across housing, equities, bonds, and bills, arguing that housing has historically matched equities while delivering lower volatility.
Miscellaneous
April 2017
LTCM Brochure
LTCM
Research
12 Pages
Long-Term Capital Management’s white paper explains how leveraged fixed income arbitrage unraveled during the 1998 Russian debt crisis, exposing hidden liquidity risks across global markets.
Annual Report
February 2017
Global Investment Returns Yearbook 2017: Slide Deck
Credit Suisse
Research
40 Pages
Credit Suisse explores how 117 years of market history can frame expectations for equities, bonds, inflation, and factor investing.
Financial History
October 2016
Two Centuries of Price-Return Momentum
Financial Analysts Journal
Research
25 Pages
Financial Analysts Journal examines whether momentum investing persisted across 212 years of US market history using newly assembled stock data from 1801 onward.
Financial History
October 2016
Echoes of 1999: The Tech Bubble and the “Asian Flu”
Research Affiliates
Research
6 Pages
Research Affiliates compares today’s market backdrop to the late 1990s, arguing collapsing inflation expectations, expensive U.S.
Annual Report
February 2016
Credit Suisse Global Investment Returns Yearbook 2016
Credit Suisse
Research
72 Pages
Credit Suisse examines how rising interest rates have historically influenced stocks, bonds, and investor behavior across 21 countries since 1900.
Financial History
January 2016
The Enduring Effect of Time-Series Momentum on Stock Returns Over Nearly 100-Years
Research
53 Pages
The authors examine whether time-series momentum in stocks has persisted across nearly 100 years, challenging efficient market assumptions.
Markets
February 2015
Credit Suisse Global Investment Returns Yearbook 2015
Credit Suisse
Research
68 Pages
Credit Suisse examines how shifting industry leadership, responsible investing, and equity discount rates have shaped long run returns across 115 years and 26 markets.
Markets
May 2014
Changing Times, Changing Values: A Historical Analysis of Sectors within the US Stock Market 1872-2013
Research
76 Pages
This paper examines how passive investing’s explosive growth may be distorting market structure, weakening price discovery, and increasing concentration risk across equities.
Financial History
March 2012
Déjà Vu All Over Again
Oaktree
Research
11 Pages
Oaktree Capital explains why investors should study history instead of assuming recent market trends will continue indefinitely.
Miscellaneous
December 2008
Volatility + Leverage = Dynamite
Oaktree
Research
13 Pages
Oaktree examines how excessive leverage combined with misunderstood risk turned a housing downturn into a financial crisis.
Markets
October 2008
The Limits to Negativism
Oaktree
Research
10 Pages
Oaktree examines how extreme investor pessimism can create opportunity by separating probable outcomes from emotional narratives during financial crises.
Financial History
September 2007
Now It’s All Bad?
Oaktree
Research
15 Pages
Oaktree examines how excessive leverage, easy liquidity, and shifting investor psychology turned a contained subprime mortgage problem into a broader credit crisis.
Miscellaneous
July 2007
It’s All Good… Really?
Oaktree
Research
10 Pages
Oaktree Capital Management explains how small financial shocks can spread through markets when leverage, psychology, and interconnected risks amplify their effects.
Miscellaneous
July 2007
It’s All Good
Oaktree
Research
14 Pages
Oaktree Capital Management examines how market cycles, investor psychology, and abundant credit can create dangerous periods of excessive optimism.
Miscellaneous
February 2007
The Race to the Bottom
Oaktree
Research
10 Pages
Oaktree Capital Management examines how abundant liquidity and intense competition can push investors and lenders toward weaker underwriting standards and greater risk.