Author Donald H Young

                                               Figure 2-5
                                        Rolling 10-Year Data
                                             1930-2018 (%)
                                        10-Year                    Return Range
                                 Average Return             2/3 of the Time
         Notes                           5.2                           +2 to +9
         Stocks                         9.5                           +4 to +15
The average ten-year equity return is lower than it is in the book, and this is because of the impact of the 50% decline in the stock market between 2007 and 2009. The average 10-year note return and the risks for both stocks and notes are similar to those in the book. Figure 2-5 suggests that the returns from both notes and stocks have been higher than inflation, stocks have had a higher return than notes, and the return ranges suggest that the returns for equities have a higher variability than those for notes.
These data support the argument that these two asset classes must play key roles in achieving investment results which, in combination with aggressive asset accumulation, will provide the level of retirement security you desire. 


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