"This will become the definitive empirical basis for analysis of the world's capital markets over the twentieth century. It is an important work of scholarship; no one else has calculated the equity premium of a large number of countries over the long term. In doing so, the book contributes to the very lively debate on the magnitude of the equity premium and will make a splash."--William Goetzmann, Yale University
"Recent years have seen unprecedented public interest in the stock market, but there is a tendency for investors to concentrate on recent U.S. stock market performance. Progress in understanding financial markets requires a much longer timeframe and a global perspective. This book presents and analyzes data from many countries in a simple, standardized way that makes comparisons easy. It makes a number of extremely important points and goes well beyond simple summaries of average returns and historical volatilities to look at such issues as seasonality and industrial structure."--John Campbell, Harvard University
"No investor can afford to risk a penny in the markets without studying this book and absorbing its fascinating lessons. That advice applies whether you are professional or amateur, a youngster or hardened from experience, bold or conservative. This book is history at its most challenging and illuminating. The facts are astonishing, the presentation dazzling, the analysis brilliant, and the lessons profound."--Peter L. Bernstein, author of Capital Ideas and Against the Gods
"This is an important addition to the investment literature and will be widely used by both the academic and business community. To have the scope of data and analysis contained in this book available in one place represents a major contribution and improvement over what is now available."--Martin J. Gruber, New York University
Some of the results challenge the information provided from popular sources such as Morningstar.
Next, Triumph of the Optimists will be of tremendous help in selecting the appropriate valuation variables, e.g. equity risk premium, discount rate, etc to be used.
Churchill's maxim that "The further backward you can look, the farther forward you are likely to see" is useful in approaching this book.
Triumph of the Optimists is a valuable guide to international investing. 16 developed countries are analyzed and returns for stocks, bonds and bills (as well as inflation) are... Read morePublished 13 months ago by MacheteJason
The Kindle version of this book does not support resizing of fonts, you can only zoom and scroll around each page. Returned it for a paper copy.Published 13 months ago by mermaid415
Good investors are typically skeptical. They don't buy every idea that comes their way, but they test and probe to find ideas with compelling value that are misunderstood by... Read morePublished on February 12, 2011 by David Merkel
This book, together with a good book on Warren Buffet basics, will provide the private stock market investor with the tools needed for extraordinary investment success. Read morePublished on February 9, 2004 by GC Fourie
Triumph of the Optimists is a terrific resource for those wanting to know more about how different types of investments have performed in different countries over the long term. Read morePublished on May 15, 2003 by Scott Smart, Dept. of Finance, Indiana University
I was keenly looking for a topic that I did not find treated in this book either: some correlation between demographics and the performance of stocks and bonds. Read morePublished on February 2, 2003 by A. Agarwal
If you remove good solid research and objectivity you have the foundation for 90% of the investment books at large. Read morePublished on July 11, 2002
For anyone who has ever wondered: Should I invest in stocks or bonds? In the US or abroad? What about inflation? And much, much more. Read morePublished on June 13, 2002