Triumph of the Optimists

Investors have too often extrapolated from recent experience. In the 1950s who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However as Don Marquis observed an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analys...See More