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| Author: | Bernstein, P. |
| Title: | What rate of return can you reasonably expect...or what can the long run tell us about the short run? |
| Journal: | Financial Analysts' Journal
1997 : MAR-APR, VOL. 53:2, p. 20-28 |
| Index terms: | FINANCIAL ANALYSIS RATE OF RETURN STOCKS |
| Language: | eng |
| Abstract: | Conventional studies of long-run returns on capital market assets, because of changes in valuation between the starting date and the ending date, obscure the basic return each asset earns. Consequently, both absolute returns and measured risk premiums are distorted. The basic return can be extracted by selecting widely separated dates with identical valuation levels. Over nearly 200 years the analysis for equities produced 63 episodes averaging 35 years with a mean nominal basic return of 9.6% |
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