Elroy Dimson & Paul Marsh 
Triumph of the Optimists [PDF ebook] 
101 Years of Global Investment Returns

Ủng hộ

‘Brilliant.’—Time
‘By far the most important investment book in years.’—Bloomberg Money
‘A book that belongs on every investor’s bookshelf.’—MSN.com
An essential and authoritative account of a century of investment returns in sixteen countries—the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa
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. In Triumph of the Optimists, renowned investment authorities Elroy Dimson, Paul Marsh, and Mike Staunton extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies, and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy.
Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful.
The book also provides the first comprehensive evidence on the long-term equity risk premium—the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa.
Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.

€214.99
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Giới thiệu về tác giả

Elroy Dimson is professor of finance and cofounder and chairman of the Centre for Endowment Asset Management at the University of Cambridge Judge Business School.
Paul Marsh is professor emeritus of finance at London Business School.
Mike Staunton is professor emeritus of finance and director of the London Share Price Database at London Business School.

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Ngôn ngữ Anh ● định dạng PDF ● Trang 352 ● ISBN 9781400829477 ● Kích thước tập tin 2.3 MB ● Nhà xuất bản Princeton University Press ● Thành phố Princeton ● Quốc gia US ● Được phát hành 2009 ● Có thể tải xuống 24 tháng ● Tiền tệ EUR ● TÔI 2365257 ● Sao chép bảo vệ Adobe DRM
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