Financial History

Financial History
December 2025

Global Housing Returns, Discount Rates, and the Emergence of the Safe Asset, 1465 2024

Paul Schmelzing

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.

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Markets
March 2025

Global Investment Returns Yearbook 2025 (GIRY)

UBS

Elroy Dimson, Dr. Mike Staunton, Paul Marsh

Research

22 Pages

UBS updated their annual GIRY, which highlights the evolution of global markets over the past 125 years. The summary edition can be downloaded in the link above.

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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.

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Markets
June 2024

The Life Cycle of Market Champions

Bridgewater

Bob Prince, Thomas Maisonneuve, Khia Kurtenbach

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.

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Markets
May 2024

Learn from Last Tech Bubble to Embrace GenAI Mania

Research Affiliates

Que Nguyen

Research

8 Pages

Research Affiliates studies the internet bubble of the 1990s as a guide for how to think about the AI craze today.

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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.

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