The Intelligent investor by Benjamin Graham | Episode 1 |
The Audiobooks Podcast
Do Human Stocks Do Better Than Bonds Over a Long Period?
Human stocks have indeed done better than bonds over a long period of time in the past. Dow Jones Industrial Average from an average of 77 in 1915 to an average of 753 in 1970 works out at an annual compounded rate of just about 4%. The corresponding figures for the S&P composite are about the same, these combined figures of 8%. But they do not exceed that now offered by high-grade bonds. Human stocks may do better in the future than in the past, but they are far from certain to do so.
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