The Light of History

For the first half of the 20th century, stocks offered investors higher income than government bonds. Peter Bernstein describes this in his wonderful book, Against the Gods:
In 1959, exactly thirty years after the Great Crash, an event took place that made absolutely no sense in the light of history. Up to the late 1950s, investors had received a higher income from owning stocks than from owning bonds. Every time the yiel…

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