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1、Elroy Dimson, Paul Marsh, Mike StauntonThought leadership from Credit Suisse and the worlds foremost expertsFebruary 2022Research InstituteCredit Suisse Global Investment Returns Yearbook 2022 Summary Edition2Summary EditionExtracts from the Credit Suisse Global Investment Returns Yearbook 2022Impor
2、tant informationThis report contains extracts from the full 268- page Credit Suisse Global Investment Returns Yearbook 2022, which is available in hardcopy upon request for details, see page 43. Coverage of 2022 Summary EditionThis Summary Edition contains three extracts from the full Credit Suisse
3、Global Investment Returns Yearbook 2022. The first extract explains the Yearbooks purpose. It describes the DMS Database, which lies at its core and covers all the main asset categories in 35 countries (including three new markets this year). Most of these markets, as well as the 90-country world in
4、dex, have 122 years of data since 1900.The second extract addresses two current concerns, rising inflation and the prospect of interest rate rises to combat this. It summarizes the long-run evidence on inflation and shows how stocks and bonds have performed during different inflation regimes and dur
5、ing periods of interest rate hikes. The third extract reproduces in full the Yearbooks new focus chapter on diversification. Finally, there are a selected number of sample “country pages” from the detailed statistical section of the full Yearbook.The text and charts in the Summary Edition are extrac
6、ted directly from full Yearbook. The table and chart numbers in the Summary Edition are therefore not always sequential. Coverage of the full YearbookIn the full hardcopy 268-page Yearbook, renowned financial historians Professor Elroy Dimson, Professor Paul Marsh and Dr. Mike Staunton assess the re
7、turns and risks from investing in equities, bonds, cash, currencies and factors in 35 countries and in five different composite indexessince 1900. The Yearbook has nine chapters. Chapter 1 explains its purpose and coverage. It provides historical perspective on the evolution of equity and bond marke
8、ts over the last 122 years, and the accompanying industrial transformation.Chapter 2 summarizes the long-run returns on stocks, bonds, bills, and inflation since 1900.Chapter 3 focuses on currencies, long-run exchange rate changes, purchasing power parity and the case for hedging.Chapter 4 looks at
9、risk. It examines extreme periods of history, equity and bond drawdowns, and time-to-recovery. It presents worldwide data on the historical equity risk premium.Chapter 5 moves from historical to prospective returns. It shows how returns vary with the real interest rate and estimates the prospective
10、equity premium. It provides estimates of expected stock and bond returns, comparing these with returns over recent decades.Chapter 6 presents evidence on factor investing around the world. It documents the historical premiums from size, value, income, momentum, volatility and multifactor models.Chap
11、ter 7 addresses prospective factor premiums. It reviews the evidence and theoretical basis for premiums and discusses whether they will persist.Chapter 8 focuses on diversification across stocks, countries and asset classes, and is reproduced in full in this 2022 Summary Edition.Finally, Chapter 9 p
12、resents a detailed historical statistical analysis of the performance of each of the 35 Yearbook countries and five composite indexes, providing three pages of charts, tables and statistics for each country and index. Italso documents the data sources and provides references.Credit Suisse Global Inv
13、estment Returns Yearbook 2022 Summary Edition302Important information4.Message from the Chairman5.Introduction and historical perspective11Inflation and interest rate hikes18Diversification35Selected individual markets36 Switzerland37 United Kingdom38 United States39 World ex USA40References42Author
14、s43Imprint44General disclaimer / important informationExtracted from:Credit Suisse Global Investment Returns Yearbook 2022:Elroy Dimson, Paul Marsh, Mike Stauntonemails: edimsonlondon.edu, pmarshlondon.edu, and mstauntonlondon.eduISBN for full Yearbook 978-3-033-09081-1For more information, contact:
15、Richard KersleyExecutive Director of EMEA Securities Research and Head of Global Product Management, Credit Suisse richard.kersleycredit-Nannette Hechler-FaydherbeCIO International Wealth Management andGlobal Head of Economics & Research, Credit Suisse nannette.hechler-faydherbecredit-See page 43 fo
16、r copyright and acknowledgement instructions, guidance on how to gain access to the underlying data, and for more extensive contact details.Cover photo: London, UK; Getty Images, Morgan Dupont / 500px; photo right: Zurich, Switzerland; Getty Images, Didier Marti4Message from the ChairmanWe are delighted to publish the 14th edition of the Credit Suisse Global Investment Returns Yearbook produced in collaboration with Professor Elroy Dimson of Cambridge University, Professor Paul Marsh and Dr. Mik
