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| Updates Page 3
Figure 2-4
Rolling 10-Year Data (%)
1935-2010
---------------------------------------------
Period Bonds Stocks
---------------------------------------------------------------
1926-1935 5.0 5.9
1927-1936 4.9 7.8
1928-1937 4.1 0.0
1929-1938 4.6 -0.9
1930-1939 4.9 -0.1
1931-1940 5.0 1.8
1932-1941 5.7 6.4
1033-1942 4.4 9.3
1934-1943 4.6 7.2
1935-1944 3.9 9.3
1936-1945 4.5 8.4
1937-1946 3.7 4.4
1938-1947 3.4 9.6
1939-1948 3.2 7.3
1940-1949 3.2 9.2
1941-1950 2.6 13.4
1942-1951 2.1 17.3
1943-1952 1.9 17.1
1944-1953 2.1 14.3
1945-1954 2.5 17.1
1946-1955 1.3 16.7
1947-1956 0.8 18.4
1948-1957 1.8 16.4
1949-1958 0.8 20.1
1950-1959 -0.1 19.4
1951-1960 1.2 16.2
1952-1961 1.7 16.4
1953-1962 2.3 13.4
1954-1963 2.0 15.9
1955-1964 1.7 12.8
1956-1965 1.9 11.1
1957-1966 2.9 9.2
1958-1967 1.1 12.8
1959-1968 1.7 10.0
1960-1969 1.4 7.8
1961-1970 1.3 8.2
1962-1971 2.5 7.1
1963-1972 2.4 9.9
1964-1973 2.1 6.0
1965-1974 2.2 1.2
1966-1975 3.0 3.3
1967-1976 4.3 6.6
1968-1977 5.2 3.6
1969-1978 5.1 3.2
1970-1979 5.5 5.9
1971-1980 3.9 8.4
1972-1981 2.8 6.5
1973-1982 5.8 6.7
1974-1983 5.9 10.6
1975-1984 7.0 14.8
1976-1985 9.0 14.3
1977-1986 9.7 13.8
1978-1987 9.5 15.3
1979-1988 10.6 16.3
1980-1989 12.6 17.5
1981-1990 13.7 13.9
1982-1991 15.6 17.6
1983-1992 12.6 16.2
1984-1993 14.4 14.9
1985-1994 11.9 14.4
1986-1995 11.9 14.8
1987-1996 9.4 15.3
1988-1997 11.3 18.0
1989-1998 11.7 19.2
1990-1999 8.8 18.2
1991-2000 10.3 17.5
1992-2001 8.7 12.9
1993-2002 9.7 9.3
1994-2003 8.0 11.1
1995-2004 9.8 12.1
1996-2005 7.6 9.1
1997-2006 7.8 8.4
1998 -2007 7.3 5.9
1999-2008 8.4 -1.4
2000-2009 6.2 -1.0
2001-2010 5.0 1.4
Because of the significant decline in the stock market during 2007-2008, performance for the stock market for the period of 2000-2009 is now the second worst for any ten-year period since the data began. The return for the period 2001-2010 has improved somewhat, but it is still very low.
Furthermore, bonds have outperformed stocks during 2000-2009 decade by the second greatest margin for any ten-year period in history (only the decade ended in 2008 was worse).For the latest decade, the outperformance is still very large.
However, given the volatility of returns for stocks, this is not surprising, and it is likely to happen, but very infrequently, as suggested by the distribution of returns for ten-year periods shown in Figure 2.5 below.
This development in no way detracts from the importance of investing in equities over the long term, and the recent performance may suggest that future results will be considerably better.
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