Market notes: a longer term take on volatility

The Global Investment Returns Yearbook, the latest edition of which has just appeared, remains a must read for any serious student of the investment markets. In addition to providing a wealth of historical data on returns (which by definition evolves only marginally from one year to the next), the three academics who produce the Yearbook are adept at producing additional topical insights that merit serious attention. This year's edition has some useful information about volatility and the performance of tangible (non-financial) assets.

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