Long-run Asset Returns

Antti Ilmanen, Elroy Dimson, David Chambers, Paul Rintamaki

Research

38 Pages

Elroy Dimson, Antti Ilmanen, David Chambers, and Paul Rintamaki look back over two centuries to analyze the historical returns across the major asset classes of stocks, bonds, and real assets. They also discuss the benefits and pitfalls of these long-run data sets.

Commodity futures, US stocks, and US bonds, 1871–2022. Source: Dimson, Marsh, & Staunton.
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