Thanks for posting these stats. You mentioned the nominal return for the '70s. Did the study include the real return, because I suspect that number isn't great. The early '80s to the present has been one long fixed income bull market, starting at the end of Volker's intense hiking campaign. As the cost of capital dropped, corporate bond issuance rose, magnifying leverage and returns on equity, so I suppose it shouldn't surprise us that stocks have generally outperformed in recent decades. There have certainly been hiccups, the S&L crisis, LTCM, the tech bubble. GFC was probably the first real shot across the bow regarding the dangers of keeping rates too low. I still contend that the central banks have overdone it since then, and are secretly panicked at the monster they've created. This may explain the ever-increasing frequency and size of direct intervention and incessant jawboning. With rates artificially jammed down, they have encouraged an unprecedented debt binge. The hurdle rates for investment is so low that mis-allocation of capital is rife. We see so many unprofitable businesses trading at outrageous valuations because of the expectation that they can just borrow to fund themselves indefinitely. We even see some businesses without revenue trading at multi-billion dollar valuations. The sheer volume of debt has made the market increasingly sensitive to relatively small fluctuations in rates. A sustained rise, say precipitated by a real and lasting inflationary spike, could make for some real capital destruction. I don't envy those tasked with stewarding client capital in the coming decade. It's going to be a challenging environment.