"This will become the definitive empirical basis for analysis of
the world's capital markets over the twentieth century. It is an
important work of scholarship; no one else has calculated the
equity premium of a large number of countries over the long term.
In doing so, the book contributes to the very lively debate on the
magnitude of the equity premium and will make a splash."--William
Goetzmann, Yale University
"Recent years have seen unprecedented public interest in the
stock market, but there is a tendency for investors to concentrate
on recent U.S. stock market performance. Progress in understanding
financial markets requires a much longer timeframe and a global
perspective. This book presents and analyzes data from many
countries in a simple, standardized way that makes comparisons
easy. It makes a number of extremely important points and goes well
beyond simple summaries of average returns and historical
volatilities to look at such issues as seasonality and industrial
structure."--John Campbell, Harvard University
"No investor can afford to risk a penny in the markets without
studying this book and absorbing its fascinating lessons. That
advice applies whether you are professional or amateur, a youngster
or hardened from experience, bold or conservative. This book is
history at its most challenging and illuminating. The facts are
astonishing, the presentation dazzling, the analysis brilliant, and
the lessons profound."--Peter L. Bernstein, author of "Capital
Ideas" and "Against the Gods"
"This is an important addition to the investment literature and
will be widely used by both the academic and business community. To
have the scope of data and analysis contained inthis book available
in one place represents a major contribution and improvement over
what is now available."--Martin J. Gruber, New York University
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