Global Investment Returns Yearbook 2024

Today the Global Investment Returns Yearbook for 2024 has been published by UBS Global Wealth Mgt, in collaboration with the Credit Suisse team who have been publishing previous versions.

Global Investment Returns Yearbook 2023

The Credit Suisse Global Investment Returns Yearbook 2023 offers unique data on long-term investment returns. Read the latest edition to discover how different asset classes have performed since 1900 around the world, and to find out how a historical perspective can help today’s investors plan for the future.

Credit Suisse Global Investment Returns Yearbook 2022

By the end of February many investors are eagerly waiting for the release of the Credit Suisse Global Investment Returns Yearbook. The 2022 edition was announced last Thursday.

Crédit-Suisse Global Investment Returns Yearbook 2021

The Crédit Suisse Global Investment Returns Yearbook 2021 was released early March. The summary version is available at the Crédit Suisse Research web site. The current edition includes the complete chapter on emerging markets.

Global Investment Returns Yearbook 2020

The Crédit Suisse Global Investment Returns Yearbook 2020 was released last week. The summary version is available at the Crédit Suisse Research web site.

Credit Suisse Global Investment returns Yearbook 2019

By end February the investment community is eagerly waiting for the publication of the new Global Investments Yearbook. This publication is a continuation of "Triumph of the Optimists: 101 Years of Global Investment Returns" (Princeton University Press, 2002) by Elroy Dimson, Paul Marsh and Mike Staunton.

Crédit-Suisse Global Investment Returns Yearbook 2018

The second half of February is the time when the new yearly edition of the Crédit-Suisse Global Investment Returns Yearbook (CS-GIRY). is released.  The investment community is eagerly looking forward to this publication.

Abnormal returns

The 2017 Credit Suisse Global Investment Returns Yearbook (CS-GIRY) has been released.  This is the kind of message part of the investment community is looking for in the second half of February.

Crédit Suisse Global Investment Returns Yearbook 2015

Note: Latest update on the topic of Crédit Suisse Global Investment Returns Yearbooks:
Abnormal Returns (2017)

Every year in February, this much appreciated publication finds its way among investors. A short introduction to the main subjects covered:

Credit Suisse Global Investment Returns Yearbook 2014

Credit Suisse Global Investment Returns Yearbook 2014

This popular yearly publication goes in depth on three different questions puzzling many investors. It doesn't provide you with an easy unambiguous answer: there is no such one. Instead the statistical analysis gives you the insight necessary to recognize accepted misconceptions and false evidence. The "Credit Suisse Global Investment Returns Yearbook" 2014 is no longer available on the CS website. You can try the above sequence on a search engine to retrieve a copy on any other site.

Crédit Suisse Global Investment Returns Yearbook 2012

The "Crédit Suisse Global Investment Returns Yearbook 2012" was released last week, which deserves a rapid posting. The yearbook highlights three subjects:

The real value of money
Whoever is determined in thinking a research paper endorsed by a major financial institution can only by a Siren song supporting fiat currency, may need to reconsider.

Just a quote from the introduction:

With international efforts to avert recession, fears have grown about the monetary policy and debt overhang. Sentiment fluctuates between deflationary concerns and inflationary fears and the demand for safe-haven assets has surged. This article examines the dynamics and impact of inflation and examines how equities and bonds have performed under different inflationary conditions.

Currency matters

Investing in global equity rather than just domestically reduces portfolio volatility. Equities tend to outperform following periods of currency weakness, which suggests that more unhedged cross border exposure can be desirable at those times. Contrary to equity, cross border bond investment can add to portfolio risk primarily through currency exposure.

Measuring Risk Appetite

... attitudes towards risk oscillate periodically from over-exhuberance to excessive pessimism and back again. In Feb 1998, Crédit Suisse lauched the Global Risk Appetite Index ...

Geografische diversificatie: vermindering van risico of verhogen van potentiële winst?

Abstract

We are often told that diversification is highly beneficial for portfolio performance.

... which is only partly true, as markets are rather highly correlated. Correlation within economic sectors of enterprise stock prices across continents is even higher than the correlation between  different sectors of the economy on one single stock market. Correlation between asset classes has proved detrimental during the October 2008 market implosion.

If we are not successful in diversifying away risk, do we at least obtain any excess return?

Samenvatting

Het wordt ons vaak voorgehouden dat diversificatie hoogst voordeling is voor het rendement van een portefeuille... hetgeen slechts ten dele waar is, vermits de markten sterk gecorreleerd zijn. De correlatie voor internationaal gespreide aandelen binnen één economische sector is zelfs hoger dan de correlatie tussen verschillende sectoren op één enkele aanelenmarkt. Een toegenomen correlatie tussen verschillende activaklassen is nefast gebleken tijdens de implosie van de financiële markten in oktober 2008.
Als we er niet in slagen om het risico weg te diversifiëren, halen we dan tenminste een extra rendement ?

Geographical diversification: Risk reduction or Seeking Alpha ?

We are often told that diversification is highly beneficial for portfolio performance.

... which is only partly true, as markets are rather highly correlated. Correlation within economic sectors of enterprise stock prices across continents is even higher than the correlation between  different sectors of the economy on one single stock market. Correlation between asset classes has proved detrimental during the October 2008 market implosion.

If we are not successful in diversifying away risk, do we at least obtain any excess return?