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History’s lessons: Back to basics

More than 100 years of market data show investors can’t ignore the US stock market, but concerns over concentration risk are rising

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Genevieve Cua

Genevieve Cua

Published Mon, Mar 11, 2024 · 06:00 AM
    • Long-run historical data show that several equity markets are far more concentrated than the US, and drawdowns in bonds and equities can be deep and long.
    • Long-run historical data show that several equity markets are far more concentrated than the US, and drawdowns in bonds and equities can be deep and long. ILLUSTRATION: PIXABAY

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    HOW much does the past inform the present and future in terms of investment experience and portfolios?

    Academics Paul Marsh, Mike Staunton and Elroy Dimson have published the 2024 edition of the Global Investment Returns Yearbook, which captures more than 100 years of capital market returns.

    The latest edition, the first in collaboration with UBS since its merger with Credit Suisse, throws up some trends that have time and again confounded investors, particularly over the past year.

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