Key topics
Equities are the top-performing liquid asset.
New technologies do not always generate bubbles, nor do bubbles necessarily imply weak long-term returns.
Gold’s role as an inflation hedge is nuanced.
Chapters 4 and 5 introduce new work on currency hedging and geopolitical risk.
This edition revisits themes such as diversification and American exceptionalism.
With data stretching back to 1900, the Yearbook offers a unique record of real returns across equities, bonds, bills, currencies, and now gold helping investors place today’s market developments in historical context, offering essential perspective on diversification, asset allocation, and the enduring principles of risk and reward. While the themes dominating recent headlines may feel new, from the extraordinary surge in gold prices to the debate around whether AI could be a technology bubble, the Yearbook reminds us that many of today’s dynamics have precedents.
The Global Investment Returns Yearbook reminds us that while markets and technologies evolve, the core principles of successful investing endure. History continues to show the importance of diversification, disciplined asset allocation and maintaining a long-term perspective.
The core of the Yearbook is the long-run DMS database (Dimson, Marsh, and Staunton, 2026). This provides annual returns on stocks, bonds, bills, inflation, currencies and now gold for 35 markets.
Timeless lessons for today’s investment challenges
Timeless lessons for today’s investment challenges
The Global Investment Returns Yearbook, a body of work assembled by Professor Paul Marsh and Dr. Mike Staunton of London Business School, together with Professor Elroy Dimson of Cambridge University, provides an invaluable foundation for understanding the long-term evolution of global financial markets. UBS is proud to continue supporting this authoritative reference, which remains relevant for our clients and the broader investment community.