End Game

Explanations, by asset class

Stocks (Large Cap)

US T.Bond

US T.Bill

Aaa & Baa Corporate

Bond

Real Estate

Gold
Inflation Rate
Real Returns
Arithmetic Average Return

Geometric Average Return

Risk Premium
 FAQ
How precise are the annual
numbers?

How good as the averages

as predictors?

Why do you keep the

maturity of the 10-year
bond unchanged, when
you compute the return on
the bond?
My objective in this spreadsheet is to compute the annual returns you
would have earned on major financial asset classses, on an annual basis,
inclusive of both cash payout during the year and the price appreciation.

Explanations, by asset class

I use the S&P 500, which was created in 1957, and then back fill the data using other
indices of large market cap companies that existed prior. Each year, I compute the
annual return, by first computing the dividend yield by dividing the dividends paid and
the price change in the index, by the level of the index at the start of the year. Thus, if
the index starts at 1000, and increases to 1080, while delivering a dividend of 5, my
annual return = (1080-1000+5)/1000 = 8.5%
I use the 10-year US treasury bond, since it is the only longer maturity bond with an
uninterrupted history going back in time. For the data, I use the yields on a constant-
maturrity 10-year bond, which can be found on FRED (the Federal Reserve website). I
convert the yield into a return, by repricing the bond, issued at par at the prior year's
yield, with the new yield, while keeping the maturity constant at 10 years. Thus, if the
yield goes from 2.5% to 3%, I first price a 2.5%, 10 year coupon bond with a 3%
interest rate, and subtract this number from the par value of the bond which is $1000.
That gives me the price change. Adding the 3% coupon for the current year gives me
the total return.

I use the 3-month US treasury bill, again choosing it over the 6-month because of
longevity. While I used to report the end of the year number as the return on the T.Bill
for the year, I have replaced that with the average T.Bill rate over the year, since that is
a better representation.
I obtain the yield on a Moody's Aaa and Baa corporate bond yields from FRED and
then compute the return on the bond, using the same approach that I use for the US
T.Bond.
I use the home price data that Robert Shiller reports on his webpage to compute a real
estate return on residential real estate. That series has now morphed into the Case-
Shiller Index.
Year-end prices for gold, per oz,
I use the CPI for all urban consumers, reported on FRED.
For each of the data series. I computre a real return by removing the inflatin for the year
from the nominal return, using (1+ Nominal Rate)/ (1+Inflation Rate) -1.
A simple average of the annual returns over the specified period (10 yrs, 50 yrs etc.)

A compounded average of the returns over the period. This is most simply computed by
dividing the value you would have at the end of the period by the value at the beginning
and then computing the compouded average. To compute the cumulated value on both
stocks and bonds, I assume that dividends/coupons get reinvested back.
The risk premium is the difference in the annualized return on stocks and the
annualized return on T.Bonds and on T.Bills over the specified period.
 FAQ
Since the S&P and US treasuries are liquid and the underlying data is widely dispersed,
the annual numbers are reliable.
The returns, especially on stocks and bonds, are noisy, with up years and down years.
The averages that have been computed come with error, and I have computed standard
errros in each of the numbers (especially the risk premiums). Note that even with the
longest data series, there is substantial standard error and it becomes explosively large
for shorter periods.
Normally, when you buy a 10-year bond and hold it for a year, you will end up with a
9-year bond. While I could compute the return using a 9-year maturity, and the answer
will be fairly close to what I report, I want to keep the 10-year rmaturity going for
consistency in my risk premium computation. Put simply, think of the return on the 10-
year bond as the one you would have if the coupon changed, but the maturity is reset to
10 year at the end of the year.
 Returns by year

Date updated: 1-Jan-24

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this datHistorical returns: Stocks, Bonds & T.Bills with
Home Page: http://www.damodaran.com
Data website: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in eahttps://pages.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definit https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Customized Geometric risk premium estimator
What is your riskfree rate LT
Enter your starting year 2000

Value of stocks in starting year: $ 156,658.05

Value of T.Bills in starting year: $ 1,516.05
Value of T.bonds in starting year: $ 2,912.88
Value of Real estate in starting year $ 1,705.10
Value of Gold in starting year $ 1,406.25
Estimate of risk premium based on you 3.07%

Annual Returns on Investments in

S&P 500
(include
s Baa
dividen 3-month US T. Bond Corporate
Year ds) T.Bill (10-year) Bond Real Estate Gold*
1928 43.81% 3.08% 0.84% 3.22% 1.49% 0.10%
1929 -8.30% 3.16% 4.20% 3.02% -2.06% -0.15%
1930 -25.12% 4.55% 4.54% 0.54% -4.30% 0.10%
1931 -43.84% 2.31% -2.56% -15.68% -8.15% -17.38%
1932 -8.64% 1.07% 8.79% 23.59% -10.47% 21.28%
1933 49.98% 0.96% 1.86% 12.97% -3.81% 27.26%
1934 -1.19% 0.28% 7.96% 18.82% 2.91% 31.75%
1935 46.74% 0.17% 4.47% 13.31% 9.77% 0.43%
1936 31.94% 0.17% 5.02% 11.38% 3.22% 0.09%
1937 -35.34% 0.28% 1.38% -4.42% 2.56% -0.23%
1938 29.28% 0.07% 4.21% 9.24% -0.87% 0.17%
1939 -1.10% 0.05% 4.41% 7.98% -1.30% -1.23%
1940 -10.67% 0.04% 5.40% 8.65% 3.31% -1.66%
1941 -12.77% 0.13% -2.02% 5.01% -8.38% 0.00%
1942 19.17% 0.34% 2.29% 5.18% 3.33% 0.00%

Page 5
 Returns by year

1943 25.06% 0.38% 2.49% 8.04% 11.45% 0.00%

1944 19.03% 0.38% 2.58% 6.57% 16.58% 0.00%
1945 35.82% 0.38% 3.80% 6.80% 11.78% 2.54%
1946 -8.43% 0.38% 3.13% 2.51% 24.10% 0.00%
1947 5.20% 0.60% 0.92% 0.26% 21.26% 0.00%
1948 5.70% 1.05% 1.95% 3.44% 2.06% 0.00%
1949 18.30% 1.12% 4.66% 5.38% 0.09% -8.70%
1950 30.81% 1.20% 0.43% 4.24% 3.64% 9.56%
1951 23.68% 1.52% -0.30% -0.19% 6.05% 0.00%
1952 18.15% 1.72% 2.27% 4.44% 4.41% -0.35%
1953 -1.21% 1.89% 4.14% 1.62% 11.52% 0.69%
1954 52.56% 0.94% 3.29% 6.16% 0.92% 0.57%
1955 32.60% 1.72% -1.34% 2.04% 0.00% -0.03%
1956 7.44% 2.62% -2.26% -2.35% 0.91% -0.11%
1957 -10.46% 3.22% 6.80% -0.72% 2.72% -0.11%
1958 43.72% 1.77% -2.10% 6.43% 0.66% 0.43%
1959 12.06% 3.39% -2.65% 1.57% 0.11% 0.00%
1960 0.34% 2.87% 11.64% 6.66% 0.77% 0.48%
1961 26.64% 2.35% 2.06% 5.10% 0.98% -0.06%
1962 -8.81% 2.77% 5.69% 6.50% 0.32% -0.06%
1963 22.61% 3.16% 1.68% 5.46% 2.14% -0.40%
1964 16.42% 3.55% 3.73% 5.16% 1.26% 0.03%
1965 12.40% 3.95% 0.72% 3.19% 1.66% 0.06%
1966 -9.97% 4.86% 2.91% -3.45% 1.22% 0.03%
1967 23.80% 4.29% -1.58% 0.90% 2.32% -0.51%
1968 10.81% 5.34% 3.27% 4.85% 4.13% 12.47%
1969 -8.24% 6.67% -5.01% -2.03% 6.99% 5.01%
1970 3.56% 6.39% 16.75% 5.65% 8.22% -9.45%
1971 14.22% 4.33% 9.79% 14.00% 4.24% 16.69%
1972 18.76% 4.06% 2.82% 11.41% 2.98% 48.78%
1973 -14.31% 7.04% 3.66% 4.32% 3.42% 72.96%
1974 -25.90% 7.85% 1.99% -4.38% 10.07% 66.15%
1975 37.00% 5.79% 3.61% 11.05% 6.77% -24.80%
1976 23.83% 4.98% 15.98% 19.75% 8.18% -4.10%
1977 -6.98% 5.26% 1.29% 9.95% 14.65% 22.64%
1978 6.51% 7.18% -0.78% 3.14% 15.72% 37.01%
1979 18.52% 10.05% 0.67% -2.01% 13.74% 126.55%
1980 31.74% 11.39% -2.99% -3.32% 7.40% 15.19%
1981 -4.70% 14.04% 8.20% 8.46% 5.10% -32.60%
1982 20.42% 10.60% 32.81% 29.05% 0.56% 15.62%
1983 22.34% 8.62% 3.20% 16.19% 4.75% -16.80%

Page 6
 Returns by year

1984 6.15% 9.54% 13.73% 15.62% 4.68% -19.38%

1985 31.24% 7.47% 25.71% 23.86% 7.47% 6.00%
1986 18.49% 5.97% 24.28% 21.35% 9.61% 18.96%
1987 5.81% 5.78% -4.96% 2.81% 7.85% 24.53%
1988 16.54% 6.67% 8.22% 14.38% 7.22% -15.26%
1989 31.48% 8.11% 17.69% 15.95% 4.39% -2.84%
1990 -3.06% 7.50% 6.24% 6.28% -0.69% -3.11%
1991 30.23% 5.38% 15.00% 18.93% -0.17% -8.56%
1992 7.49% 3.43% 9.36% 11.31% 0.82% -5.73%
1993 9.97% 3.00% 14.21% 15.47% 2.16% 17.68%
1994 1.33% 4.25% -8.04% -0.97% 2.52% -2.17%
1995 37.20% 5.49% 23.48% 21.29% 1.79% 0.98%
1996 22.68% 5.01% 1.43% 3.42% 2.43% -4.59%
1997 33.10% 5.06% 9.94% 12.75% 4.02% -21.41%
1998 28.34% 4.78% 14.92% 7.63% 6.44% -0.83%
1999 20.89% 4.64% -8.25% 0.91% 7.68% 0.85%
2000 -9.03% 5.82% 16.66% 9.39% 9.29% -5.44%
2001 -11.85% 3.40% 5.57% 8.54% 6.68% 0.75%
2002 -21.97% 1.61% 15.12% 12.14% 9.56% 25.57%
2003 28.36% 1.01% 0.38% 12.32% 9.81% 19.89%
2004 10.74% 1.37% 4.49% 10.35% 13.64% 4.65%
2005 4.83% 3.15% 2.87% 5.30% 13.51% 17.77%
2006 15.61% 4.73% 1.96% 5.20% 1.73% 23.20%
2007 5.48% 4.36% 10.21% 4.84% -5.40% 31.92%
2008 -36.55% 1.37% 20.10% -3.54% -12.00% 4.32%
2009 25.94% 0.15% -11.12% 20.21% -3.86% 25.04%
2010 14.82% 0.14% 8.46% 9.41% -4.11% 29.24%
2011 2.10% 0.05% 16.04% 12.26% -3.89% 12.02%
2012 15.89% 0.09% 2.97% 9.33% 6.44% 5.68%
2013 32.15% 0.06% -9.10% -0.98% 10.71% -27.61%
2014 13.52% 0.03% 10.75% 10.78% 4.51% 0.12%
2015 1.38% 0.05% 1.28% -1.50% 5.20% -12.11%
2016 11.77% 0.32% 0.69% 11.52% 5.30% 8.10%
2017 21.61% 0.93% 2.80% 9.23% 6.21% 12.66%
2018 -4.23% 1.94% -0.02% -3.27% 4.52% -0.93%
2019 31.21% 2.06% 9.64% 15.25% 3.69% 19.08%
2020 18.02% 0.35% 11.33% 10.60% 10.43% 24.17%
2021 28.47% 0.05% -4.42% 0.93% 18.87% -3.75%
2022 -18.04% 2.02% -17.83% -15.14% 5.67% 0.55%
2023 26.06% 5.07% 3.88% 8.74% 6.29% 13.26%

Page 7
 Returns by year

Arithmetic Average Historical Return

1928-2023 11.66% 3.34% 4.86% 6.95% 4.42% 6.55%

1974-2023 12.54% 4.36% 6.59% 8.82% 5.56% 8.36%
2014-2023 12.98% 1.28% 1.81% 4.71% 7.07% 6.12%

Geometric Average Historical Return

1928-2023 9.80% 3.30% 4.57% 6.68% 4.23% 4.92%
1974-2023 11.10% 4.30% 6.12% 8.49% 5.40% 6.01%
2014-2023 11.91% 1.27% 1.46% 4.32% 6.99% 5.58%

Note
* Prior to 1971, gold prices were fixed and with the gold standard in place, and were mostly stable.

Page 8
 Returns by year

In US Dollars

Estimates of risk premiums from 1928, over the last 50 years and over the last 10 years
are provided at the bottom of this table.

Value of $100 invested at start of 1928 in Annual Risk Premium

S&P 500 Baa

(includes 3-month Corporate Real
dividends)3 T.Bill4 US T. Bond5 Bond2 Estate2 Gold2 Stocks - Bills
$ 143.81 $ 103.08 $ 100.84 $ 103.22 $ 101.49 $ 100.10 40.73%
$ 131.88 $ 106.34 $ 105.07 $ 106.33 $ 99.40 $ 99.95 -11.46%
$ 98.75 $ 111.18 $ 109.85 $ 106.91 $ 95.13 $ 100.05 -29.67%
$ 55.46 $ 113.74 $ 107.03 $ 90.14 $ 87.38 $ 82.66 -46.15%
$ 50.66 $ 114.96 $ 116.44 $ 111.41 $ 78.23 $ 100.24 -9.71%
$ 75.99 $ 116.06 $ 118.60 $ 125.86 $ 75.25 $ 127.57 49.02%
$ 75.09 $ 116.39 $ 128.05 $ 149.54 $ 77.44 $ 168.07 -1.47%
$ 110.18 $ 116.58 $ 133.78 $ 169.44 $ 85.00 $ 168.80 46.57%
$ 145.38 $ 116.78 $ 140.49 $ 188.73 $ 87.73 $ 168.94 31.77%
$ 94.00 $ 117.11 $ 142.43 $ 180.39 $ 89.98 $ 168.56 -35.61%
$ 121.53 $ 117.18 $ 148.43 $ 197.05 $ 89.20 $ 168.85 29.22%
$ 120.20 $ 117.24 $ 154.98 $ 212.78 $ 88.04 $ 166.76 -1.14%
$ 107.37 $ 117.28 $ 163.35 $ 231.18 $ 90.95 $ 164.00 -10.71%
$ 93.66 $ 117.43 $ 160.04 $ 242.76 $ 83.32 $ 164.00 -12.90%
$ 111.61 $ 117.83 $ 163.72 $ 255.33 $ 86.10 $ 164.00 18.83%

Page 9
 Returns by year

$ 139.59 $ 118.28 $ 167.79 $ 275.88 $ 95.95 $ 164.00 24.68%

$ 166.15 $ 118.73 $ 172.12 $ 293.99 $ 111.87 $ 164.00 18.65%
$ 225.67 $ 119.18 $ 178.67 $ 313.98 $ 125.04 $ 168.17 35.44%
$ 206.65 $ 119.63 $ 184.26 $ 321.85 $ 155.18 $ 168.17 -8.81%
$ 217.39 $ 120.35 $ 185.95 $ 322.70 $ 188.17 $ 168.17 4.60%
$ 229.79 $ 121.61 $ 189.58 $ 333.79 $ 192.05 $ 168.17 4.66%
$ 271.85 $ 122.96 $ 198.42 $ 351.74 $ 192.22 $ 153.54 17.19%
$ 355.60 $ 124.44 $ 199.27 $ 366.65 $ 199.22 $ 168.22 29.60%
$ 439.80 $ 126.33 $ 198.68 $ 365.95 $ 211.26 $ 168.22 22.16%
$ 519.62 $ 128.51 $ 203.19 $ 382.20 $ 220.57 $ 167.64 16.43%
$ 513.35 $ 130.94 $ 211.61 $ 388.39 $ 245.98 $ 168.80 -3.10%
$ 783.18 $ 132.17 $ 218.57 $ 412.31 $ 248.25 $ 169.77 51.63%
$ 1,038.47 $ 134.45 $ 215.65 $ 420.74 $ 248.25 $ 169.72 30.87%
$ 1,115.73 $ 137.97 $ 210.79 $ 410.84 $ 250.52 $ 169.53 4.82%
$ 999.05 $ 142.42 $ 225.11 $ 407.89 $ 257.33 $ 169.33 -13.68%
$ 1,435.84 $ 144.93 $ 220.39 $ 434.11 $ 259.03 $ 170.06 41.95%
$ 1,608.95 $ 149.84 $ 214.56 $ 440.95 $ 259.31 $ 170.06 8.67%
$ 1,614.37 $ 154.15 $ 239.53 $ 470.33 $ 261.30 $ 170.88 -2.54%
$ 2,044.40 $ 157.77 $ 244.46 $ 494.32 $ 263.85 $ 170.78 24.29%
$ 1,864.26 $ 162.15 $ 258.38 $ 526.43 $ 264.70 $ 170.69 -11.58%
$ 2,285.80 $ 167.27 $ 262.74 $ 555.19 $ 270.38 $ 170.01 19.46%
$ 2,661.02 $ 173.20 $ 272.53 $ 583.85 $ 273.78 $ 170.06 12.87%
$ 2,990.97 $ 180.04 $ 274.49 $ 602.47 $ 278.32 $ 170.16 8.45%
$ 2,692.74 $ 188.78 $ 282.47 $ 581.72 $ 281.72 $ 170.20 -14.83%
$ 3,333.69 $ 196.88 $ 278.01 $ 586.92 $ 288.25 $ 169.33 19.51%
$ 3,694.23 $ 207.39 $ 287.11 $ 615.36 $ 300.17 $ 190.46 5.48%
$ 3,389.77 $ 221.22 $ 272.71 $ 602.90 $ 321.16 $ 200.00 -14.91%
$ 3,510.49 $ 235.36 $ 318.41 $ 636.96 $ 347.55 $ 181.10 -2.83%
$ 4,009.72 $ 245.56 $ 349.57 $ 726.14 $ 362.30 $ 211.34 9.89%
$ 4,761.76 $ 255.53 $ 359.42 $ 808.99 $ 373.08 $ 314.44 14.69%
$ 4,080.44 $ 273.51 $ 372.57 $ 843.92 $ 385.85 $ 543.85 -21.34%
$ 3,023.54 $ 294.97 $ 379.98 $ 806.95 $ 424.72 $ 903.59 -33.75%
$ 4,142.10 $ 312.04 $ 393.68 $ 896.12 $ 453.48 $ 679.51 31.21%
$ 5,129.20 $ 327.57 $ 456.61 $ 1,073.13 $ 490.57 $ 651.65 18.85%
$ 4,771.20 $ 344.80 $ 462.50 $ 1,179.96 $ 562.46 $ 799.18 -12.24%
$ 5,081.77 $ 369.55 $ 458.90 $ 1,216.98 $ 650.90 $ 1,094.96 -0.67%
$ 6,022.89 $ 406.71 $ 461.98 $ 1,192.53 $ 740.35 $ 2,480.62 8.47%
$ 7,934.26 $ 453.04 $ 448.17 $ 1,152.99 $ 795.11 $ 2,857.32 20.34%
$ 7,561.16 $ 516.63 $ 484.91 $ 1,250.56 $ 835.62 $ 1,925.87 -18.74%
$ 9,105.08 $ 571.41 $ 644.04 $ 1,613.88 $ 840.33 $ 2,226.74 9.82%
### $ 620.65 $ 664.65 $ 1,875.23 $ 880.25 $ 1,852.71 13.72%

Page 10
 Returns by year

### $ 679.87 $ 755.92 $ 2,168.13 $ 921.43 $ 1,493.70 -3.39%

### $ 730.66 $ 950.29 $ 2,685.50 $ 990.27 $ 1,583.33 23.76%
### $ 774.27 $ 1,181.06 $ 3,258.97 $ 1,085.46 $ 1,883.48 12.53%
### $ 819.01 $ 1,122.47 $ 3,350.63 $ 1,170.69 $ 2,345.45 0.04%
### $ 873.62 $ 1,214.78 $ 3,832.52 $ 1,255.23 $ 1,987.65 9.87%
### $ 944.49 $ 1,429.72 $ 4,443.77 $ 1,310.37 $ 1,931.20 23.36%
### $ 1,015.29 $ 1,518.87 $ 4,722.87 $ 1,301.36 $ 1,871.12 -10.56%
### $ 1,069.87 $ 1,746.77 $ 5,616.82 $ 1,299.15 $ 1,711.00 24.86%
### $ 1,106.58 $ 1,910.30 $ 6,251.82 $ 1,309.77 $ 1,612.89 4.06%
### $ 1,139.74 $ 2,181.77 $ 7,219.13 $ 1,338.01 $ 1,898.01 6.97%
### $ 1,188.21 $ 2,006.43 $ 7,149.23 $ 1,371.67 $ 1,856.83 -2.93%
### $ 1,253.44 $ 2,477.55 $ 8,671.10 $ 1,396.25 $ 1,875.00 31.71%
### $ 1,316.18 $ 2,512.94 $ 8,967.28 $ 1,430.12 $ 1,789.00 17.68%
### $ 1,382.80 $ 2,762.71 ### $ 1,487.64 $ 1,406.01 28.04%
### $ 1,448.84 $ 3,174.95 ### $ 1,583.48 $ 1,394.38 23.56%
### $ 1,516.05 $ 2,912.88 ### $ 1,705.10 $ 1,406.25 16.25%
### $ 1,604.28 $ 3,398.03 ### $ 1,863.53 $ 1,329.70 -14.85%
### $ 1,658.81 $ 3,587.37 ### $ 1,987.97 $ 1,339.63 -15.25%
### $ 1,685.44 $ 4,129.65 ### $ 2,178.02 $ 1,682.17 -23.57%
### $ 1,702.44 $ 4,145.15 ### $ 2,391.73 $ 2,016.72 27.35%
### $ 1,725.84 $ 4,331.30 ### $ 2,717.92 $ 2,110.47 9.37%
### $ 1,780.19 $ 4,455.50 ### $ 3,085.13 $ 2,485.47 1.69%
### $ 1,864.39 $ 4,542.87 ### $ 3,138.60 $ 3,062.02 10.88%
### $ 1,945.72 $ 5,006.69 ### $ 2,969.18 $ 4,039.49 1.12%
### $ 1,972.40 $ 6,013.10 ### $ 2,613.01 $ 4,213.91 -37.92%
### $ 1,975.37 $ 5,344.65 ### $ 2,512.27 $ 5,268.90 25.78%
### $ 1,978.10 $ 5,796.96 ### $ 2,408.94 $ 6,809.59 14.68%
### $ 1,979.15 $ 6,726.52 ### $ 2,315.35 $ 7,628.39 2.05%
### $ 1,980.88 $ 6,926.40 ### $ 2,464.39 $ 8,062.02 15.80%
### $ 1,982.01 $ 6,295.79 ### $ 2,728.41 $ 5,835.76 32.09%
### $ 1,982.66 $ 6,972.34 ### $ 2,851.38 $ 5,843.02 13.49%
### $ 1,983.69 $ 7,061.89 ### $ 2,999.65 $ 5,135.66 1.33%
### $ 1,989.96 $ 7,110.65 ### $ 3,158.77 $ 5,551.84 11.46%
### $ 2,008.55 $ 7,309.87 ### $ 3,354.83 $ 6,254.84 20.67%
### $ 2,047.44 $ 7,308.65 ### $ 3,506.44 $ 6,196.71 -6.16%
### $ 2,089.67 $ 8,012.89 ### $ 3,635.68 $ 7,378.88 29.15%
### $ 2,097.08 $ 8,920.90 ### $ 4,014.96 $ 9,162.31 17.67%
### $ 2,098.03 $ 8,526.95 ### $ 4,772.78 $ 8,818.31 28.42%
### $ 2,140.51 $ 7,006.75 ### $ 5,043.29 $ 8,866.76 -20.06%
### $ 2,249.04 $ 7,278.61 ### $ 5,360.65 ### 20.99%

Page 11
 Returns by year

Risk Premium Standard Error

Stocks - T.BiStocks - T.B Stocks - T.BiStocks - T.Bonds

8.32% 6.80% 2.03% 2.14%
8.18% 5.95% 2.45% 2.73%
11.70% 11.17% 4.97% 3.86%
Risk Premium
Stocks - T.BiStocks - T.Bonds
6.50% 5.23%
6.79% 4.97%
10.63% 10.44%

were mostly stable.

Page 12
 Returns by year

Annual Risk Premium Annual Real Returns

S&P 500
Stocks - Historical (includes 3-month
Stocks - Baa Corp risk Inflation dividends) T. Bill !0-year Baa Corp Real
Bonds Bond premium Rate 2 (Real) T.Bonds Bonds Estate3
42.98% 40.59% -1.16% 45.49% 4.29% 2.01% 4.43% 2.68%
-12.50% -11.32% 0.58% -8.83% 2.56% 3.60% 2.42% -2.63%
-29.66% -25.66% -6.40% -20.01% 11.69% 11.68% 7.41% 2.24%
-41.28% -28.16% -9.32% -38.07% 12.82% 7.45% -7.02% 1.29%
-17.43% -32.23% -10.27% 1.82% 12.64% 21.25% 37.74% -0.21%
48.13% 37.02% 0.76% 48.85% 0.20% 1.08% 12.11% -4.54%
-9.15% -20.00% 1.52% -2.66% -1.22% 6.35% 17.04% 1.37%
42.27% 33.43% 2.99% 42.49% -2.74% 1.44% 10.02% 6.58%
26.93% 20.56% 1.45% 30.06% -1.26% 3.52% 9.79% 1.74%
-36.72% -30.92% 2.86% -37.13% -2.51% -1.44% -7.07% -0.29%
25.07% 20.05% -2.78% 32.98% 2.92% 7.19% 12.36% 1.96%
-5.51% -9.08% 0.00% -1.10% 0.05% 4.41% 7.98% -1.30%
-16.08% -19.32% 0.71% -11.31% -0.67% 4.65% 7.88% 2.57%
-10.75% -17.78% 9.93% -20.65% -8.91% -10.87% -4.48% -16.66%
16.88% 13.99% 9.03% 9.30% -7.97% -6.18% -3.53% -5.23%

Page 13
 Returns by year

22.57% 17.02% 2.96% 21.47% -2.50% -0.46% 4.94% 8.24%

16.45% 12.46% 2.30% 16.36% -1.88% 0.27% 4.17% 13.96%
32.02% 29.02% 2.25% 32.84% -1.83% 1.52% 4.45% 9.32%
-11.56% -10.94% 18.13% -22.48% -15.03% -12.70% -13.23% 5.05%
4.28% 4.94% 8.84% -3.34% -7.57% -7.27% -7.88% 11.42%
3.75% 2.27% 2.73% 2.89% -1.64% -0.76% 0.68% -0.66%
13.64% 12.93% -1.83% 20.51% 3.00% 6.61% 7.34% 1.95%
30.38% 26.57% 5.80% 23.63% -4.35% -5.08% -1.48% -2.04%
23.97% 23.87% 5.96% 16.72% -4.20% -5.91% -5.81% 0.08%
15.88% 13.71% 0.91% 17.09% 0.81% 1.35% 3.50% 3.47%
-5.35% -2.83% 0.60% -1.80% 1.28% 3.52% 1.02% 10.85%
49.27% 46.41% -0.37% 53.13% 1.31% 3.68% 6.55% 1.30%
33.93% 30.55% 0.37% 32.10% 1.35% -1.70% 1.66% -0.37%
9.70% 9.79% 2.83% 4.48% -0.20% -4.94% -5.04% -1.86%
-17.25% -9.74% 3.04% -13.10% 0.18% 3.65% -3.65% -0.31%
45.82% 37.29% 1.76% 41.24% 0.01% -3.79% 4.59% -1.08%
14.70% 10.48% 1.52% 10.38% 1.84% -4.10% 0.05% -1.39%
-11.30% -6.33% 6.11% 1.36% -1.01% 1.49% 10.14% 5.23% -0.59%
24.58% 21.54% 6.62% 0.67% 25.79% 1.67% 1.38% 4.40% 0.30%
-14.51% -15.31% 5.97% 1.23% -9.92% 1.52% 4.41% 5.20% -0.90%
20.93% 17.15% 6.36% 1.65% 20.63% 1.49% 0.04% 3.76% 0.49%
12.69% 11.25% 6.53% 1.20% 15.04% 2.32% 2.50% 3.92% 0.06%
11.68% 9.21% 6.66% 1.92% 10.28% 1.99% -1.18% 1.25% -0.26%
-12.88% -6.53% 6.11% 3.36% -12.90% 1.45% -0.44% -6.58% -2.07%
25.38% 22.91% 6.57% 3.28% 19.87% 0.98% -4.71% -2.31% -0.93%
7.54% 5.97% 6.60% 4.71% 5.83% 0.60% -1.37% 0.13% -0.55%
-3.23% -6.22% 6.33% 5.90% -13.35% 0.73% -10.31% -7.48% 1.03%
-13.19% -2.09% 5.90% 5.57% -1.90% 0.78% 10.59% 0.08% 2.51%
4.43% 0.22% 5.87% 3.27% 10.61% 1.03% 6.31% 10.40% 0.95%
15.94% 7.35% 6.08% 3.41% 14.84% 0.63% -0.57% 7.74% -0.42%
-17.97% -18.63% 5.50% 8.94% -21.34% -1.75% -4.85% -4.24% -5.07%
-27.89% -21.52% 4.64% 12.10% -33.90% -3.79% -9.02% -14.70% -1.80%
33.39% 25.95% 5.17% 7.13% 27.88% -1.25% -3.29% 3.66% -0.33%
7.85% 4.08% 5.22% 5.04% 17.89% -0.06% 10.42% 14.01% 2.99%
-8.27% -16.93% 4.93% 6.68% -12.80% -1.33% -5.05% 3.07% 7.48%
7.29% 3.37% 4.97% 8.99% -2.27% -1.66% -8.96% -5.37% 6.18%
17.85% 20.53% 5.21% 13.25% 4.65% -2.83% -11.11% -13.48% 0.43%
34.72% 35.05% 5.73% 12.35% 17.25% -0.86% -13.66% -13.95% -4.41%
-12.90% -13.16% 5.37% 8.91% -12.50% 4.70% -0.65% -0.41% -3.50%
-12.40% -8.63% 5.10% 3.83% 15.98% 6.53% 27.92% 24.30% -3.14%
19.14% 6.14% 5.34% 3.79% 17.87% 4.65% -0.57% 11.95% 0.93%

Page 14
 Returns by year

-7.59% -9.47% 5.12% 4.04% 2.02% 5.28% 9.31% 11.13% 0.61%

5.52% 7.37% 5.13% 3.79% 26.44% 3.55% 21.12% 19.34% 3.55%
-5.79% -2.86% 4.97% 1.19% 17.10% 4.73% 22.83% 19.93% 8.33%
10.77% 3.00% 5.07% 4.33% 1.42% 1.39% -8.91% -1.46% 3.37%
8.31% 2.15% 5.12% 4.41% 11.61% 2.16% 3.65% 9.55% 2.69%
13.78% 15.53% 5.24% 4.64% 25.65% 3.32% 12.48% 10.81% -0.24%
-9.30% -9.35% 5.00% 6.25% -8.77% 1.17% -0.02% 0.02% -6.53%
15.23% 11.31% 5.14% 2.98% 26.47% 2.33% 11.68% 15.49% -3.06%
-1.87% -3.81% 5.03% 2.97% 4.40% 0.45% 6.21% 8.10% -2.09%
-4.24% -5.51% 4.90% 2.81% 6.96% 0.18% 11.09% 12.32% -0.64%
9.36% 2.29% 4.97% 2.60% -1.24% 1.61% -10.36% -3.48% -0.08%
13.71% 15.91% 5.08% 2.53% 33.81% 2.88% 20.43% 18.29% -0.72%
21.25% 19.27% 5.30% 3.38% 18.67% 1.57% -1.89% 0.04% -0.92%
23.16% 20.35% 5.53% 1.70% 30.88% 3.31% 8.10% 10.87% 2.29%
13.42% 20.71% 5.63% 1.61% 26.31% 3.12% 13.10% 5.93% 4.76%
29.14% 19.98% 5.96% 2.68% 17.73% 1.91% -10.65% -1.72% 4.87%
-25.69% -18.42% 5.51% 3.44% -12.05% 2.30% 12.78% 5.75% 5.66%
-17.42% -20.39% 5.17% 1.60% -13.24% 1.77% 3.91% 6.83% 4.99%
-37.08% -34.11% 4.53% 2.48% -23.85% -0.85% 12.33% 9.43% 6.91%
27.98% 16.04% 4.82% 2.04% 25.80% -1.01% -1.63% 10.08% 7.62%
6.25% 0.40% 4.84% 3.34% 7.16% -1.90% 1.11% 6.78% 9.96%
1.97% -0.46% 4.80% 3.34% 1.45% -0.18% -0.46% 1.90% 9.84%
13.65% 10.42% 4.91% 2.52% 12.77% 2.15% -0.55% 2.61% -0.77%
-4.73% 0.64% 4.79% 4.11% 1.32% 0.24% 5.86% 0.71% -9.13%
-56.65% -33.01% 3.88% -0.02% -36.54% 1.39% 20.13% -3.52% -11.98%
37.05% 5.73% 4.29% 2.81% 22.49% -2.59% -13.55% 16.92% -6.49%
6.36% 5.41% 4.31% 1.44% 13.19% -1.28% 6.93% 7.86% -5.47%
-13.94% -10.16% 4.10% 3.06% -0.94% -2.92% 12.59% 8.93% -6.74%
12.92% 6.56% 4.20% 1.76% 13.89% -1.64% 1.19% 7.44% 4.60%
41.25% 33.13% 4.62% 1.51% 30.18% -1.43% -10.46% -2.46% 9.06%
2.78% 2.74% 4.60% 0.65% 12.79% -0.62% 10.03% 10.06% 3.83%
0.09% 2.88% 4.54% 0.64% 0.74% -0.58% 0.64% -2.13% 4.53%
11.08% 0.25% 4.62% 2.05% 9.53% -1.70% -1.33% 9.28% 3.19%
18.80% 12.37% 4.77% 2.13% 19.07% -1.17% 0.66% 6.96% 3.99%
-4.21% -0.96% 4.66% 2.00% -6.11% -0.06% -1.98% -5.17% 2.47%
21.58% 15.96% 4.83% 2.31% 28.24% -0.25% 7.16% 12.64% 1.34%
6.69% 7.42% 4.84% 1.32% 16.48% -0.95% 9.88% 9.16% 8.99%
32.88% 27.54% 5.13% 7.19% 19.85% -6.67% -10.83% -5.84% 10.90%
-0.21% -2.89% 5.06% 6.44% -23.00% -4.15% -22.80% -20.28% -0.73%
22.18% 17.33% 5.23% 3.12% 22.25% 1.89% 0.74% 5.45% 3.08%

Page 15
 Returns by year

Arithmetic Average Annual Real Return

S&P 500
(includes 3-month
dividends T. Bill !0-year Baa Corp Real
)2 (Real) T.Bonds Bonds Estate3
1928-2023 8.40% 0.32% 1.86% 3.90% 1.28%
1974-2023 8.42% 0.46% 2.73% 4.87% 1.61%
2014-2023 9.98% -1.43% -0.78% 2.01% 4.16%

Page 16
 Returns by year

Gold
1.27%
-0.73%
6.94%
-8.90%
35.16%
26.30%
29.78%
-2.48%
-1.34%
-3.00%
3.03%
-1.23%
-2.35%
-9.03%
-8.28%

Page 17
 Returns by year

-2.87%
-2.25%
0.29%
-15.35%
-8.12%
-2.66%
-7.00%
3.55%
-5.63%
-1.24%
0.09%
0.95%
-0.40%
-2.86%
-3.06%
-1.30%
-1.50%
-0.86%
-0.72%
-1.27%
-2.01%
-1.16%
-1.83%
-3.22%
-3.67%
7.42%
-0.84%
-14.23%
13.00%
43.88%
58.76%
48.22%
-29.80%
-8.70%
14.96%
25.71%
100.03%
2.52%
-38.11%
11.36%
-19.83%

Page 18
 Returns by year

-22.51%
2.13%
17.56%
19.36%
-18.84%
-7.15%
-8.81%
-11.20%
-8.45%
14.46%
-4.65%
-1.51%
-7.71%
-22.72%
-2.40%
-1.78%
-8.58%
-0.84%
22.53%
17.50%
1.26%
13.96%
20.16%
26.72%
4.34%
21.61%
27.41%
8.70%
3.86%
-28.69%
-0.53%
-12.66%
5.93%
10.31%
-2.87%
16.38%
22.55%
-10.21%
-5.54%
9.84%

Page 19
 Returns by year

eturn

Gold
3.27%
4.11%
3.32%

Page 20
 S&P 500 & Raw Data

Year S&P 500 Dividends

Dividend Yield
T.Bond rate
Return on bond
Aaa Bond Rate
Return on Aaa
Baa Bond Rate
1927 17.66 0.62 3.50% 3.17% 4.46% 5.32%
1928 24.35 1.05 4.30% 3.45% 0.84% 4.61% 3.28% 5.60%
1929 21.45 0.88 4.10% 3.36% 4.20% 4.67% 4.14% 5.95%
1930 15.34 0.72 4.70% 3.22% 4.54% 4.52% 5.86% 6.71%
1931 8.12 0.50 6.10% 3.93% -2.56% 5.32% -1.56% 10.42%
1932 6.92 0.50 7.20% 3.35% 8.79% 4.59% 11.07% 8.42%
1933 9.97 0.41 4.10% 3.53% 1.86% 4.50% 5.30% 7.75%
1934 9.5 0.35 3.70% 3.01% 7.96% 3.81% 10.15% 6.23%
1935 13.43 0.51 3.80% 2.84% 4.47% 3.44% 6.90% 5.30%
1936 17.18 0.54 3.14% 2.59% 5.02% 3.10% 6.33% 4.53%
1937 10.55 0.56 5.30% 2.73% 1.38% 3.21% 2.17% 5.73%
1938 13.14 0.50 3.80% 2.56% 4.21% 3.08% 4.31% 5.27%
1939 12.46 0.54 4.30% 2.35% 4.41% 2.94% 4.28% 4.92%
1940 10.58 0.55 5.20% 2.01% 5.40% 2.71% 4.93% 4.45%
1941 8.69 0.54 6.20% 2.47% -2.02% 2.80% 1.93% 4.38%
1942 9.77 0.59 6.00% 2.49% 2.29% 2.81% 2.71% 4.28%
1943 11.67 0.55 4.70% 2.49% 2.49% 2.74% 3.42% 3.82%
1944 13.28 0.61 4.60% 2.48% 2.58% 2.70% 3.09% 3.49%
1945 17.36 0.68 3.90% 2.33% 3.80% 2.61% 3.48% 3.10%
1946 15.3 0.60 3.90% 2.24% 3.13% 2.61% 2.61% 3.17%
1947 15.3 0.80 5.20% 2.39% 0.92% 2.86% 0.46% 3.52%
1948 15.2 0.97 6.40% 2.44% 1.95% 2.79% 3.46% 3.53%
1949 16.79 1.19 7.10% 2.19% 4.66% 2.58% 4.62% 3.31%
1950 20.43 1.53 7.50% 2.39% 0.43% 2.67% 1.80% 3.20%
1951 23.77 1.50 6.30% 2.70% -0.30% 3.01% -0.23% 3.61%
1952 26.57 1.51 5.70% 2.75% 2.27% 2.97% 3.35% 3.51%
1953 24.81 1.44 5.80% 2.59% 4.14% 3.13% 1.61% 3.74%
1954 35.98 1.87 5.20% 2.51% 3.29% 2.90% 5.10% 3.45%
1955 45.48 2.23 4.90% 2.96% -1.34% 3.15% 0.78% 3.62%
1956 46.67 2.19 4.70% 3.59% -2.26% 3.75% -1.78% 4.37%
1957 39.99 1.80 4.50% 3.21% 6.80% 3.81% 3.26% 5.03%
1958 55.21 2.26 4.10% 3.86% -2.10% 4.08% 1.63% 4.85%
1959 59.89 1.98 3.30% 4.69% -2.65% 4.58% 0.14% 5.28%
1960 58.11 1.98 3.41% 3.84% 11.64% 4.35% 6.41% 5.10%
1961 71.55 2.04 2.85% 4.06% 2.06% 4.42% 3.79% 5.10%
1962 63.1 2.15 3.40% 3.86% 5.69% 4.24% 5.86% 4.92%
1963 75.02 2.35 3.13% 4.13% 1.68% 4.35% 3.36% 4.85%
1964 84.75 2.58 3.05% 4.18% 3.73% 4.44% 3.64% 4.81%
1965 92.43 2.83 3.06% 4.62% 0.72% 4.68% 2.56% 5.02%

Page 21
 S&P 500 & Raw Data

1966 80.33 2.88 3.59% 4.84% 2.91% 5.39% -0.70% 6.18%

1967 96.47 2.98 3.09% 5.70% -1.58% 6.19% -0.45% 6.93%
1968 103.86 3.04 2.93% 6.03% 3.27% 6.45% 4.32% 7.23%
1969 92.06 3.24 3.52% 7.65% -5.01% 7.72% -2.18% 8.65%
1970 92.15 3.19 3.46% 6.39% 16.75% 7.64% 8.27% 9.12%
1971 102.09 3.16 3.10% 5.93% 9.79% 7.25% 10.35% 8.38%
1972 118.05 3.19 2.70% 6.36% 2.82% 7.08% 8.44% 7.93%
1973 97.55 3.61 3.70% 6.74% 3.66% 7.68% 3.00% 8.48%
1974 68.56 3.72 5.43% 7.43% 1.99% 8.89% -0.12% 10.63%
1975 90.19 3.73 4.14% 8.00% 3.61% 8.79% 9.54% 10.56%
1976 107.46 4.22 3.93% 6.87% 15.98% 7.98% 14.23% 9.12%
1977 95.1 4.86 5.11% 7.69% 1.29% 8.19% 6.58% 8.99%
1978 96.11 5.18 5.39% 9.01% -0.78% 9.16% 2.01% 9.94%
1979 107.94 5.97 5.53% 10.39% 0.67% 10.74% -0.25% 12.06%
1980 135.76 6.44 4.74% 12.84% -2.99% 13.21% -2.55% 15.14%
1981 122.55 6.83 5.57% 13.72% 8.20% 14.23% 7.94% 16.55%
1982 140.64 6.93 4.93% 10.54% 32.81% 11.83% 27.89% 14.14%
1983 164.93 7.12 4.32% 11.83% 3.20% 12.55% 7.85% 13.75%
1984 167.24 7.83 4.68% 11.50% 13.73% 12.15% 14.80% 13.40%
1985 211.28 8.20 3.88% 9.26% 25.71% 9.91% 25.97% 11.58%
1986 242.17 8.19 3.38% 7.11% 24.28% 8.53% 18.95% 9.99%
1987 247.08 9.17 3.71% 8.99% -4.96% 10.06% -0.85% 11.22%
1988 277.72 10.22 3.68% 9.11% 8.22% 9.61% 12.87% 10.69%
1989 353.4 11.73 3.32% 7.84% 17.69% 8.87% 14.39% 9.84%
1990 330.22 12.35 3.74% 8.08% 6.24% 9.05% 7.72% 10.43%
1991 417.09 12.97 3.11% 7.09% 15.00% 8.16% 14.98% 9.10%
1992 435.71 12.64 2.90% 6.77% 9.36% 7.91% 9.84% 8.76%
1993 466.45 12.69 2.72% 5.77% 14.21% 7.00% 14.30% 7.77%
1994 459.27 13.36 2.91% 7.81% -8.04% 8.49% -2.78% 9.14%
1995 615.93 14.17 2.30% 5.71% 23.48% 6.71% 21.16% 7.38%
1996 740.74 14.89 2.01% 6.30% 1.43% 7.27% 2.83% 7.97%
1997 970.43 15.52 1.60% 5.81% 9.94% 6.71% 11.26% 7.28%
1998 1229.23 16.20 1.32% 4.65% 14.92% 6.23% 10.20% 7.23%
1999 1469.25 16.71 1.14% 6.44% -8.25% 7.64% -3.39% 8.18%
2000 1320.28 16.27 1.23% 5.11% 16.66% 7.16% 10.99% 8.00%
2001 1148.09 15.74 1.37% 5.05% 5.57% 6.61% 11.09% 7.92%
2002 879.82 16.08 1.83% 3.82% 15.12% 6.09% 10.42% 7.31%
2003 1111.91 17.39 1.56% 4.25% 0.38% 5.63% 9.54% 6.61%
2004 1211.92 19.44 1.60% 4.22% 4.49% 5.43% 7.14% 6.10%
2005 1248.29 22.22 1.78% 4.39% 2.87% 5.26% 6.73% 6.21%
2006 1418.3 24.88 1.75% 4.70% 1.96% 5.46% 3.75% 6.35%

Page 22
 S&P 500 & Raw Data

2007 1468.36 27.73 1.89% 4.02% 10.21% 5.41% 5.84% 6.56%

2008 903.25 28.39 3.14% 2.21% 20.10% 4.70% 10.97% 8.07%
2009 1115.1 22.41 2.01% 3.84% -11.12% 5.33% -0.09% 6.39%
2010 1257.64 22.73 1.81% 3.29% 8.46% 4.88% 8.83% 5.98%
2011 1257.6 26.43 2.10% 1.88% 16.04% 3.77% 13.99% 5.16%
2012 1426.19 31.25 2.19% 1.76% 2.97% 3.67% 4.59% 4.63%
2013 1848.36 36.28 1.96% 3.04% -9.10% 4.57% -3.43% 5.37%
2014 2058.9 39.44 1.92% 2.17% 10.75% 3.72% 11.56% 4.68%
2015 2043.9 43.39 2.12% 2.27% 1.28% 4.04% 1.13% 5.50%
2016 2238.83 45.70 2.04% 2.45% 0.69% 3.98% 4.53% 4.73%
2017 2673.61 48.93 1.83% 2.41% 2.80% 3.45% 8.40% 4.17%
2018 2506.85 53.75 2.14% 2.69% -0.02% 3.99% -0.93% 5.14%
2019 3230.78 58.50 1.81% 1.92% 9.64% 3.04% 12.08% 3.90%
2020 3756.07 57.00 1.52% 0.93% 11.33% 2.23% 10.23% 3.11%
2021 4766.18 59.20 1.24% 1.51% -4.42% 2.71% -1.93% 3.37%
2022 3839.5 66.98 1.74% 3.88% -17.83% 4.70% -12.88% 5.87%
2023 4769.8 70.30 1.47% 3.88% 3.88% 4.65% 5.09% 5.49%

Page 23
 S&P 500 & Raw Data

Return on
Returns
Baa on Real Estate

3.22% 1.49%
3.02% -2.06%
0.54% -4.30%
-15.68% -8.15%
23.59% -10.47%
12.97% -3.81%
18.82% 2.91%
13.31% 9.77%
11.38% 3.22%
-4.42% 2.56%
9.24% -0.87%
7.98% -1.30%
8.65% 3.31%
5.01% -8.38%
5.18% 3.33%
8.04% 11.45%
6.57% 16.58%
6.80% 11.78%
2.51% 24.10%
0.26% 21.26%
3.44% 2.06%
5.38% 0.09%
4.24% 3.64%
-0.19% 6.05%
4.44% 4.41%
1.62% 11.52%
6.16% 0.92%
2.04% 0.00%
-2.35% 0.91%
-0.72% 2.72%
6.43% 0.66%
1.57% 0.11%
6.66% 0.77%
5.10% 0.98%
6.50% 0.32%
5.46% 2.14%
5.16% 1.26%
3.19% 1.66%

Page 24
 S&P 500 & Raw Data

-3.45% 1.22%
0.90% 2.32%
4.85% 4.13%
-2.03% 6.99%
5.65% 8.22%
14.00% 4.24%
11.41% 2.98%
4.32% 3.42%
-4.38% 10.07%
11.05% 6.76%
19.75% 8.20%
9.95% 14.66%
3.14% 15.71%
-2.01% 13.74%
-3.32% 7.40%
8.46% 5.08%
29.05% 0.57%
16.19% 4.75%
15.62% 4.67%
23.86% 7.47%
21.35% 9.62%
2.81% 7.85%
14.38% 7.22%
15.95% 4.39%
6.28% -0.69%
18.93% -0.17%
11.31% 0.82%
15.47% 2.16%
-0.97% 2.52%
21.29% 1.79%
3.42% 2.43%
12.75% 4.02%
7.63% 6.44%
0.91% 7.68%
9.39% 9.29%
8.54% 6.68%
12.14% 9.56%
12.32% 9.81%
10.35% 13.64%
5.30% 13.51%
5.20% 1.73%

Page 25
 S&P 500 & Raw Data

4.84% -5.40%
-3.54% -12.00%
20.21% -3.86%
9.41% -4.11%
12.26% -3.89%
9.33% 6.44%
-0.98% 10.71%
10.78% 4.51%
-1.50% 5.20%
11.52% 5.30%
9.23% 6.21%
-3.27% 4.52%
15.25% 3.69%
10.60% 10.43%
0.93% 18.87%
-15.14% 5.67%
8.74% 6.29%

Page 26
 T. Bond yield & return

Bond used: US treasury 10-year bond at end of each year

Source: Federal Reserve of St. Louis (FRED)
Computation To compute the return on a constant maturity bond, I add two components - the promised coupon at the s
The return on the 10-year bond for 1928 = 3.17% (Coupon rate promised at the end of 1927) - Price chan

Year T.Bond rate

Return on bond
1927 3.17%
1928 3.45% 0.84%
1929 3.36% 4.20%
1930 3.22% 4.54%
1931 3.93% -2.56%
1932 3.35% 8.79%
1933 3.53% 1.86%
1934 3.01% 7.96%
1935 2.84% 4.47%
1936 2.59% 5.02%
1937 2.73% 1.38%
1938 2.56% 4.21%
1939 2.35% 4.41%
1940 2.01% 5.40%
1941 2.47% -2.02%
1942 2.49% 2.29%
1943 2.49% 2.49%
1944 2.48% 2.58%
1945 2.33% 3.80%
1946 2.24% 3.13%
1947 2.39% 0.92%
1948 2.44% 1.95%
1949 2.19% 4.66%
1950 2.39% 0.43%
1951 2.70% -0.30%
1952 2.75% 2.27%
1953 2.59% 4.14%
1954 2.51% 3.29%
1955 2.96% -1.34%
1956 3.59% -2.26%
1957 3.21% 6.80%
1958 3.86% -2.10%
1959 4.69% -2.65%
1960 3.84% 11.64%

Page 27
 T. Bond yield & return

1961 4.06% 2.06%

1962 3.86% 5.69%
1963 4.13% 1.68%
1964 4.18% 3.73%
1965 4.62% 0.72%
1966 4.84% 2.91%
1967 5.70% -1.58%
1968 6.03% 3.27%
1969 7.65% -5.01%
1970 6.39% 16.75%
1971 5.93% 9.79%
1972 6.36% 2.82%
1973 6.74% 3.66%
1974 7.43% 1.99%
1975 8.00% 3.61%
1976 6.87% 15.98%
1977 7.69% 1.29%
1978 9.01% -0.78%
1979 10.39% 0.67%
1980 12.84% -2.99%
1981 13.72% 8.20%
1982 10.54% 32.81%
1983 11.83% 3.20%
1984 11.50% 13.73%
1985 9.26% 25.71%
1986 7.11% 24.28%
1987 8.99% -4.96%
1988 9.11% 8.22%
1989 7.84% 17.69%
1990 8.08% 6.24%
1991 7.09% 15.00%
1992 6.77% 9.36%
1993 5.77% 14.21%
1994 7.81% -8.04%
1995 5.71% 23.48%
1996 6.30% 1.43%
1997 5.81% 9.94%
1998 4.65% 14.92%
1999 6.44% -8.25%
2000 5.11% 16.66%
2001 5.05% 5.57%

Page 28
 T. Bond yield & return

2002 3.82% 15.12%

2003 4.25% 0.38%
2004 4.22% 4.49%
2005 4.39% 2.87%
2006 4.70% 1.96%
2007 4.02% 10.21%
2008 2.21% 20.10%
2009 3.84% -11.12%
2010 3.29% 8.46%
2011 1.88% 16.04%
2012 1.76% 2.97%
2013 3.04% -9.10%
2014 2.17% 10.75%
2015 2.27% 1.28%
2016 2.45% 0.69%
2017 2.41% 2.80%
2018 2.69% -0.02%
2019 1.92% 9.64%
2020 0.93% 11.33%
2021 1.51% -4.42%
2022 3.88% -17.83%
2023 3.88% 3.88%

Page 29
 T. Bond yield & return

ents - the promised coupon at the start of the year and the price change due to interest rate changes.
ed at the end of 1927) - Price change on a bond with a coupon rate of 3.17%, when the interest rate goes to 3.45%.

Page 30
 T. Bond yield & return

rate goes to 3.45%.

Page 31
 T. Bill rates

FRED Graph Observations

Federal Reserve Economic Data
Link: https://fred.stlouisfed.org
Help: https://fredhelp.stlouisfed.org
Economic Research Division
Federal Reserve Bank of St. Louis

DTB3 3-Month Treasury Bill Secondary Market Rate, Discount Basis, Percent, Annual, Not Seasonally Adjusted

Frequency: Annual Average for the year

observation_date TB3MS
1934-01-01 0.28 0.28%
1935-01-01 0.17 0.17%
1936-01-01 0.17 0.17%
1937-01-01 0.28 0.28%
1938-01-01 0.07 0.07%
1939-01-01 0.05 0.05%
1940-01-01 0.04 0.04%
1941-01-01 0.13 0.13%
1942-01-01 0.34 0.34%
1943-01-01 0.38 0.38%
1944-01-01 0.38 0.38%
1945-01-01 0.38 0.38%
1946-01-01 0.38 0.38%
1947-01-01 0.60 0.60%
1948-01-01 1.05 1.05%
1949-01-01 1.12 1.12%
1950-01-01 1.20 1.20%
1951-01-01 1.52 1.52%
1952-01-01 1.72 1.72%
1953-01-01 1.89 1.89%
1954-01-01 0.94 0.94%
1955-01-01 1.72 1.72%
1956-01-01 2.62 2.62%
1957-01-01 3.22 3.22%
1958-01-01 1.77 1.77%
1959-01-01 3.39 3.39%
1960-01-01 2.87 2.87%
1961-01-01 2.35 2.35%
1962-01-01 2.77 2.77%
1963-01-01 3.16 3.16%
1964-01-01 3.55 3.55%
1965-01-01 3.95 3.95%
1966-01-01 4.86 4.86%
1967-01-01 4.29 4.29%
1968-01-01 5.34 5.34%
1969-01-01 6.67 6.67%
1970-01-01 6.39 6.39%
1971-01-01 4.33 4.33%
1972-01-01 4.06 4.06%

Page 32
 T. Bill rates

1973-01-01 7.04 7.04%

1974-01-01 7.85 7.85%
1975-01-01 5.79 5.79%
1976-01-01 4.98 4.98%
1977-01-01 5.26 5.26%
1978-01-01 7.18 7.18%
1979-01-01 10.05 10.05%
1980-01-01 11.39 11.39%
1981-01-01 14.04 14.04%
1982-01-01 10.60 10.60%
1983-01-01 8.62 8.62%
1984-01-01 9.54 9.54%
1985-01-01 7.47 7.47%
1986-01-01 5.97 5.97%
1987-01-01 5.78 5.78%
1988-01-01 6.67 6.67%
1989-01-01 8.11 8.11%
1990-01-01 7.50 7.50%
1991-01-01 5.38 5.38%
1992-01-01 3.43 3.43%
1993-01-01 3.00 3.00%
1994-01-01 4.25 4.25%
1995-01-01 5.49 5.49%
1996-01-01 5.01 5.01%
1997-01-01 5.06 5.06%
1998-01-01 4.78 4.78%
1999-01-01 4.64 4.64%
2000-01-01 5.82 5.82%
2001-01-01 3.40 3.40%
2002-01-01 1.61 1.61%
2003-01-01 1.01 1.01%
2004-01-01 1.37 1.37%
2005-01-01 3.15 3.15%
2006-01-01 4.73 4.73%
2007-01-01 4.36 4.36%
2008-01-01 1.37 1.37%
2009-01-01 0.15 0.15%
2010-01-01 0.14 0.14%
2011-01-01 0.05 0.05%
2012-01-01 0.09 0.09%
2013-01-01 0.06 0.06%
2014-01-01 0.03 0.03%
2015-01-01 0.05 0.05%
2016-01-01 0.32 0.32%
2017-01-01 0.93 0.93%
2018-01-01 1.94 1.94%
2019-01-01 2.06 2.06%
2020-01-01 0.35 0.35%
2021-01-01 0.05 0.05%
2022-01-01 2.02 2.02%

Page 33
 T. Bill rates

2023-01-01 5.07 5.07%

Page 34
 T. Bill rates

ual, Not Seasonally Adjusted

Page 35
 Inflation Rate

FRED Graph Observations

Federal Reserve Economic Data
Link: https://fred.stlouisfed.org
Help: https://fred.stlouisfed.org/help-faq
Economic Research Division
Federal Reserve Bank of St. Louis

CPIAUCNS Consumer Price Index for All Urban Consumers: All Items in U.S. City Average, Percent Change from Year Ago of (Index 19

Frequency: Annual
observation_dCPIAUCNS
1914 1.0 1.00%
1915 2.0 1.98%
1916 12.6 12.62%
1917 18.1 18.10%
1918 20.4 20.44%
1919 14.5 14.55%
1920 2.6 2.65%
1921 -10.8 -10.82%
1922 -2.3 -2.31%
1923 2.4 2.37%
1924 0.0 0.00%
1925 3.5 3.47%
1926 -1.1 -1.12%
1927 -2.3 -2.26%
1928 -1.2 -1.16%
1929 0.6 0.58%
1930 -6.4 -6.40%
1931 -9.3 -9.32%
1932 -10.3 -10.27%
1933 0.8 0.76%
1934 1.5 1.52%
1935 3.0 2.99%
1936 1.4 1.45%
1937 2.9 2.86%
1938 -2.8 -2.78%
1939 0.0 0.00%
1940 0.7 0.71%
1941 9.9 9.93%
1942 9.0 9.03%
1943 3.0 2.96%
1944 2.3 2.30%
1945 2.2 2.25%
1946 18.1 18.13%
1947 8.8 8.84%
1948 2.7 2.73% 2.7
1949 -1.8 -1.83% -1.8
1950 5.8 5.80% 5.8
1951 6.0 5.96% 6.0
1952 0.9 0.91% 0.9

Page 36
 Inflation Rate

1953 0.6 0.60% 0.6

1954 -0.4 -0.37% -0.4
1955 0.4 0.37% 0.4
1956 2.8 2.83% 2.8
1957 3.0 3.04% 3.0
1958 1.8 1.76% 1.8
1959 1.5 1.52% 1.5
1960 1.4 1.36% 1.4
1961 0.7 0.67% 0.7
1962 1.2 1.23% 1.2
1963 1.6 1.65% 1.6
1964 1.2 1.20% 1.2
1965 1.9 1.92% 1.9
1966 3.4 3.36% 3.4
1967 3.3 3.28% 3.3
1968 4.7 4.71% 4.7
1969 5.9 5.90% 5.9
1970 5.6 5.57% 5.6
1971 3.3 3.27% 3.3
1972 3.4 3.41% 3.4
1973 8.9 8.94% 8.9
1974 12.1 12.10% 12.1
1975 7.1 7.13% 7.1
1976 5.0 5.04% 5.0
1977 6.7 6.68% 6.7
1978 9.0 8.99% 9.0
1979 13.3 13.25% 13.3
1980 12.4 12.35% 12.4
1981 8.9 8.91% 8.9
1982 3.8 3.83% 3.8
1983 3.8 3.79% 3.8
1984 4.0 4.04% 4.0
1985 3.8 3.79% 3.8
1986 1.2 1.19% 1.2
1987 4.3 4.33% 4.3
1988 4.4 4.41% 4.4
1989 4.6 4.64% 4.6
1990 6.3 6.25% 6.3
1991 3.0 2.98% 3.0
1992 3.0 2.97% 3.0
1993 2.8 2.81% 2.8
1994 2.6 2.60% 2.6
1995 2.5 2.53% 2.5
1996 3.4 3.38% 3.4
1997 1.7 1.70% 1.7
1998 1.6 1.61% 1.6
1999 2.7 2.68% 2.7
2000 3.4 3.44% 3.4
2001 1.6 1.60% 1.6
2002 2.5 2.48% 2.5

Page 37
 Inflation Rate

2003 2.0 2.04% 2.0

2004 3.3 3.34% 3.3
2005 3.3 3.34% 3.3
2006 2.5 2.52% 2.5
2007 4.1 4.11% 4.1
2008 0.0 -0.02% 0.0
2009 2.8 2.81% 2.8
2010 1.4 1.44% 1.4
2011 3.1 3.06% 3.1
2012 1.8 1.76% 1.8
2013 1.5 1.51% 1.5
2014 0.7 0.65% 0.7
2015 0.6 0.64% 0.6
2016 2.1 2.05% 2.1
2017 2.1 2.13% 2.1
2018 2.0 2.00% 2.0
2019 2.3 2.31% 2.3
2020 1.3 1.32% 1.3
2021 7.2 7.19% 7.2
2022 6.4 6.44% 6.4
2023 3.12 3.12% #N/A

Page 38
 Inflation Rate

cent Change from Year Ago of (Index 1982-1984=100), Annual, Not Seasonally Adjusted

Page 39
 Summary for ppt

Arithmetic Average Geometric Average

Stocks - T. Bills
Stocks - T. Bonds
Stocks - T. Bills
Stocks - T. Bonds
1928-2023 8.32% 6.80% 6.50% 5.23%
Std Error 2.03% 2.14%
1974-2023 8.18% 5.95% 6.79% 4.97%
Std Error 2.45% 2.73%
2014-2023 11.70% 11.17% 10.63% 10.44%
Std Error 4.97% 3.86%

Page 40
 Home Prices (Raw Data)

Home Price data from Robert Shiller's website. FRED Graph Observations
Federal Reserve Economic Data
Link: https://fred.stlouisfed.org
Help: https://fred.stlouisfed.org/help-faq
Economic Research Division
Federal Reserve Bank of St. Louis

CSUSHPINSAS&P/Case-Shiller U.S. National Home Price Index, Pe

Date From fig2.1ReChg in House Price
1890 3.56 Frequency: Annual
1891 3.21 -9.79% observation_dCSUSHPINSA
1892 3.27 1.81% 1988-01-01 7.2 7.22%
1893 3.41 4.26% 1989-01-01 4.4 4.39%
1894 3.97 16.52% 1990-01-01 -0.7 -0.69%
1895 3.60 -9.21% 1991-01-01 -0.2 -0.17%
1896 3.12 -13.37% 1992-01-01 0.8 0.82%
1897 3.22 3.16% 1993-01-01 2.2 2.16%
1898 3.43 6.49% 1994-01-01 2.5 2.52%
1899 3.28 -4.40% 1995-01-01 1.8 1.79%
1900 3.75 14.34% 1996-01-01 2.4 2.43%
1901 3.15 -16.10% 1997-01-01 4.0 4.02%
1902 3.71 17.90% 1998-01-01 6.4 6.44%
1903 3.77 1.56% 1999-01-01 7.7 7.68%
1904 3.94 4.62% 2000-01-01 9.3 9.29%
1905 3.45 -12.37% 2001-01-01 6.7 6.68%
1906 4.10 18.66% 2002-01-01 9.6 9.56%
1907 4.52 10.34% 2003-01-01 9.8 9.81%
1908 4.08 -9.76% 2004-01-01 13.6 13.64%
1909 3.99 -2.28% 2005-01-01 13.5 13.51%
1910 4.31 8.01% 2006-01-01 1.7 1.73%
1911 4.21 -2.29% 2007-01-01 -5.4 -5.40%
1912 4.37 3.86% 2008-01-01 -12.0 -12.00%
1913 4.37 0.00% 2009-01-01 -3.9 -3.86%
1914 4.53 3.72% 2010-01-01 -4.1 -4.11%
1915 4.16 -8.19% 2011-01-01 -3.9 -3.89%
1916 4.56 9.48% 2012-01-01 6.4 6.44%
1917 4.65 2.04% 2013-01-01 10.7 10.71%
1918 4.94 6.37% 2014-01-01 4.5 4.51%
1919 5.44 9.98% 2015-01-01 5.2 5.20%
1920 5.96 9.61% 2016-01-01 5.3 5.30%
1921 5.83 -2.24% 2017-01-01 6.2 6.21%
1922 5.91 1.39% 2018-01-01 4.5 4.52%
1923 5.99 1.47% 2019-01-01 3.7
1924 6.01 0.19% 2020-01-01 10.4
1925 6.32 5.22% 2021-01-01 18.9
1926 6.06 -4.04% 2022-01-01 5.7
1927 5.84 -3.73%
1928 5.92 1.49%
1929 5.80 -2.06%
1930 5.55 -4.30%

Page 41
 Home Prices (Raw Data)

1931 5.10 -8.15%

1932 4.57 -10.47%
1933 4.39 -3.81%
1934 4.52 2.91%
1935 4.96 9.77%
1936 5.12 3.22%
1937 5.25 2.56%
1938 5.21 -0.87%
1939 5.14 -1.30%
1940 5.31 3.31%
1941 4.86 -8.38%
1942 5.03 3.33%
1943 5.60 11.45%
1944 6.53 16.58%
1945 7.30 11.78%
1946 9.06 24.10%
1947 10.99 21.26%
1948 11.21 2.06%
1949 11.22 0.09%
1950 11.63 3.64%
1951 12.33 6.05%
1952 12.88 4.41%
1953 14.36 11.52%
1954 14.49 0.92%
1955 14.49 0.00%
1956 14.62 0.91%
1957 15.02 2.72%
1958 15.12 0.66%
1959 15.14 0.11%
1960 15.25 0.77%
1961 15.40 0.98%
1962 15.45 0.32%
1963 15.78 2.14%
1964 15.98 1.26%
1965 16.25 1.66%
1966 16.45 1.22%
1967 16.83 2.32%
1968 17.52 4.13%
1969 18.75 6.99%
1970 20.29 8.22%
1971 21.15 4.24%
1972 21.78 2.98%
1973 22.53 3.42%
1974 24.79 10.07%
1975 26.47 6.76%
1976 28.64 8.20%
1977 32.84 14.66%
1978 38.00 15.71%
1979 43.22 13.74%
1980 46.42 7.40%

Page 42
 Home Prices (Raw Data)

1981 48.78 5.08%

1982 49.06 0.57%
1983 51.39 4.75%
1984 53.79 4.67%
1985 57.81 7.47%
1986 63.37 9.62%
1987 68.34 7.85%
1988 73.28 7.22%
1989 76.50 4.39%
1990 75.97 -0.69%
1991 75.84 -0.17%
1992 76.46 0.82%
1993 78.11 2.16%
1994 80.08 2.52%
1995 81.51 1.79%
1996 83.49 2.43%
1997 86.85 4.02%
1998 92.44 6.44%
1999 99.54 7.68%
2000 108.79 9.29%
2001 116.06 6.68%
2002 127.15 9.56%
2003 139.63 9.81%
2004 158.67 13.64%
2005 180.11 13.51%
2006 183.23 1.73%
2007 173.34 -5.40%
2008 152.55 -12.00%
2009 146.66 -3.86%
2010 140.63 -4.11%
2011 135.17 -3.89%
2012 143.87 6.44%
2013 159.28 10.71%
2014 166.46 4.51%
2015 175.12 5.20%
2016 184.41 5.30%
2017 195.85 6.21%
2018 204.70 4.52%
2019 212.25 3.69%
2020 234.39 10.43%
2021 278.63 18.87%
2022 294.42 5.67%
2023 312.95 6.29% End of October 2023

Page 43
 Home Prices (Raw Data)

ller U.S. National Home Price Index, Percent Change from Year Ago of (Index Jan 2000=100), Annual, Not Seasonally Adjusted

Page 44
 Home Prices (Raw Data)

onally Adjusted

Page 45
 Moody's Rates

FRED Graph Observations

Federal Reserve Economic Data
Link: https://fred.stlouisfed.org
Help: https://fred.stlouisfed.org/help-faq
Economic Research Division
Federal Reserve Bank of St. Louis

AAA Moody's Seasoned Aaa Corporate Bond Yield, Percent, Annual, Not Seasonally Adjusted

Frequency: Annual
observation_dAAA % Rate
1919-01-01 5.73 5.73%
1920-01-01 6.26 6.26%
1921-01-01 5.50 5.50%
1922-01-01 5.08 5.08%
1923-01-01 5.09 5.09%
1924-01-01 4.95 4.95%
1925-01-01 4.85 4.85%
1926-01-01 4.68 4.68%
1927-01-01 4.46 4.46%
1928-01-01 4.61 4.61%
1929-01-01 4.67 4.67%
1930-01-01 4.52 4.52%
1931-01-01 5.32 5.32%
1932-01-01 4.59 4.59%
1933-01-01 4.50 4.50%
1934-01-01 3.81 3.81%
1935-01-01 3.44 3.44%
1936-01-01 3.10 3.10%
1937-01-01 3.21 3.21%
1938-01-01 3.08 3.08%
1939-01-01 2.94 2.94%
1940-01-01 2.71 2.71%
1941-01-01 2.80 2.80%
1942-01-01 2.81 2.81%
1943-01-01 2.74 2.74%
1944-01-01 2.70 2.70%
1945-01-01 2.61 2.61%
1946-01-01 2.61 2.61%
1947-01-01 2.86 2.86%
1948-01-01 2.79 2.79%
1949-01-01 2.58 2.58%
1950-01-01 2.67 2.67%
1951-01-01 3.01 3.01%
1952-01-01 2.97 2.97%
1953-01-01 3.13 3.13%
1954-01-01 2.90 2.90%
1955-01-01 3.15 3.15%
1956-01-01 3.75 3.75%
1957-01-01 3.81 3.81%

Page 46
 Moody's Rates

1958-01-01 4.08 4.08%

1959-01-01 4.58 4.58%
1960-01-01 4.35 4.35%
1961-01-01 4.42 4.42%
1962-01-01 4.24 4.24%
1963-01-01 4.35 4.35%
1964-01-01 4.44 4.44%
1965-01-01 4.68 4.68%
1966-01-01 5.39 5.39%
1967-01-01 6.19 6.19%
1968-01-01 6.45 6.45%
1969-01-01 7.72 7.72%
1970-01-01 7.64 7.64%
1971-01-01 7.25 7.25%
1972-01-01 7.08 7.08%
1973-01-01 7.68 7.68%
1974-01-01 8.89 8.89%
1975-01-01 8.79 8.79%
1976-01-01 7.98 7.98%
1977-01-01 8.19 8.19%
1978-01-01 9.16 9.16%
1979-01-01 10.74 10.74%
1980-01-01 13.21 13.21%
1981-01-01 14.23 14.23%
1982-01-01 11.83 11.83%
1983-01-01 12.55 12.55%
1984-01-01 12.15 12.15%
1985-01-01 9.91 9.91%
1986-01-01 8.53 8.53%
1987-01-01 10.06 10.06%
1988-01-01 9.61 9.61%
1989-01-01 8.87 8.87%
1990-01-01 9.05 9.05%
1991-01-01 8.16 8.16%
1992-01-01 7.91 7.91%
1993-01-01 7.00 7.00%
1994-01-01 8.49 8.49%
1995-01-01 6.71 6.71%
1996-01-01 7.27 7.27%
1997-01-01 6.71 6.71%
1998-01-01 6.23 6.23%
1999-01-01 7.64 7.64%
2000-01-01 7.16 7.16%
2001-01-01 6.61 6.61%
2002-01-01 6.09 6.09%
2003-01-01 5.63 5.63%
2004-01-01 5.43 5.43%
2005-01-01 5.26 5.26%
2006-01-01 5.46 5.46%
2007-01-01 5.41 5.41%

Page 47
 Moody's Rates

2008-01-01 4.70 4.70%

2009-01-01 5.33 5.33%
2010-01-01 4.88 4.88%
2011-01-01 3.77 3.77%
2012-01-01 3.67 3.67%
2013-01-01 4.57 4.57%
2014-01-01 3.72 3.72%
2015-01-01 4.04 4.04%
2016-01-01 3.98 3.98%
2017-01-01 3.45 3.45%
2018-01-01 3.99 3.99%
2019-01-01 3.04 3.04%
2020-01-01 2.23 2.23%
2021-01-01 2.71 2.71%
2022-01-01 4.70 4.70%
2023-01-01 4.65 4.65%

Page 48
 Moody's Rates

FRED Graph Observations

Federal Reserve Economic Data
Link: https://fred.stlouisfed.org
Help: https://fred.stlouisfed.org/help-faq
Economic Research Division
Federal Reserve Bank of St. Louis

BAA Moody's Seasoned Baa Corporate Bond Yield, Percent, Annual, Not Seasonally Adjusted

Frequency: Annual
observation_date BAA
1919-01-01 7.77 7.77%
1920-01-01 8.56 8.56%
1921-01-01 7.61 7.61%
1922-01-01 7.02 7.02%
1923-01-01 7.38 7.38%
1924-01-01 6.46 6.46%
1925-01-01 6.15 6.15%
1926-01-01 5.68 5.68%
1927-01-01 5.32 5.32%
1928-01-01 5.60 5.60%
1929-01-01 5.95 5.95%
1930-01-01 6.71 6.71%
1931-01-01 10.42 10.42%
1932-01-01 8.42 8.42%
1933-01-01 7.75 7.75%
1934-01-01 6.23 6.23%
1935-01-01 5.30 5.30%
1936-01-01 4.53 4.53%
1937-01-01 5.73 5.73%
1938-01-01 5.27 5.27%
1939-01-01 4.92 4.92%
1940-01-01 4.45 4.45%
1941-01-01 4.38 4.38%
1942-01-01 4.28 4.28%
1943-01-01 3.82 3.82%
1944-01-01 3.49 3.49%
1945-01-01 3.10 3.10%
1946-01-01 3.17 3.17%
1947-01-01 3.52 3.52%
1948-01-01 3.53 3.53%
1949-01-01 3.31 3.31%
1950-01-01 3.20 3.20%
1951-01-01 3.61 3.61%
1952-01-01 3.51 3.51%
1953-01-01 3.74 3.74%
1954-01-01 3.45 3.45%
1955-01-01 3.62 3.62%
1956-01-01 4.37 4.37%
1957-01-01 5.03 5.03%

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 Moody's Rates

1958-01-01 4.85 4.85%

1959-01-01 5.28 5.28%
1960-01-01 5.10 5.10%
1961-01-01 5.10 5.10%
1962-01-01 4.92 4.92%
1963-01-01 4.85 4.85%
1964-01-01 4.81 4.81%
1965-01-01 5.02 5.02%
1966-01-01 6.18 6.18%
1967-01-01 6.93 6.93%
1968-01-01 7.23 7.23%
1969-01-01 8.65 8.65%
1970-01-01 9.12 9.12%
1971-01-01 8.38 8.38%
1972-01-01 7.93 7.93%
1973-01-01 8.48 8.48%
1974-01-01 10.63 10.63%
1975-01-01 10.56 10.56%
1976-01-01 9.12 9.12%
1977-01-01 8.99 8.99%
1978-01-01 9.94 9.94%
1979-01-01 12.06 12.06%
1980-01-01 15.14 15.14%
1981-01-01 16.55 16.55%
1982-01-01 14.14 14.14%
1983-01-01 13.75 13.75%
1984-01-01 13.40 13.40%
1985-01-01 11.58 11.58%
1986-01-01 9.99 9.99%
1987-01-01 11.22 11.22%
1988-01-01 10.69 10.69%
1989-01-01 9.84 9.84%
1990-01-01 10.43 10.43%
1991-01-01 9.10 9.10%
1992-01-01 8.76 8.76%
1993-01-01 7.77 7.77%
1994-01-01 9.14 9.14%
1995-01-01 7.38 7.38%
1996-01-01 7.97 7.97%
1997-01-01 7.28 7.28%
1998-01-01 7.23 7.23%
1999-01-01 8.18 8.18%
2000-01-01 8.00 8.00%
2001-01-01 7.92 7.92%
2002-01-01 7.31 7.31%
2003-01-01 6.61 6.61%
2004-01-01 6.10 6.10%
2005-01-01 6.21 6.21%
2006-01-01 6.35 6.35%
2007-01-01 6.56 6.56%

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 Moody's Rates

2008-01-01 8.07 8.07%

2009-01-01 6.39 6.39%
2010-01-01 5.98 5.98%
2011-01-01 5.16 5.16%
2012-01-01 4.63 4.63%
2013-01-01 5.37 5.37%
2014-01-01 4.68 4.68%
2015-01-01 5.50 5.50%
2016-01-01 4.73 4.73%
2017-01-01 4.17 4.17%
2018-01-01 5.14 5.14%
2019-01-01 3.90 3.90%
2020-01-01 3.11 3.11%
2021-01-01 3.37 3.37%
2022-01-01 5.87 5.87%
2023-01-01 5.49 5.49%

Page 51
End of year Real Estate Source of data: http://www.econ.yale.edu//~shiller/data.htm
1927 5.84
1928 5.92 Source for 1977https://fred.stlouisfed.org/series/CSUSHPINSA
1929 5.80
1930 5.55
1931 5.10
1932 4.57
1933 4.39
1934 4.52
1935 4.96
1936 5.12
1937 5.25
1938 5.21
1939 5.14
1940 5.31
1941 4.86
1942 5.03
1943 5.60
1944 6.53
1945 7.30
1946 9.06
1947 10.99
1948 11.21
1949 11.22
1950 11.63
1951 12.33
1952 12.88
1953 14.36
1954 14.49
1955 14.49
1956 14.62
1957 15.02
1958 15.12
1959 15.14
1960 15.25
1961 15.40
1962 15.45
1963 15.78
1964 15.98
1965 16.25
1966 16.45
1967 16.83
1968 17.52
1969 18.75
1970 20.29
1971 21.15
1972 21.78
1973 22.53
1974 24.79
1975 26.47
1976 28.64
1977 32.84
1978 38.00
1979 43.22
1980 46.42
1981 48.78
1982 49.06
1983 51.39
1984 53.79
1985 57.81
1986 63.37
1987 68.34
1988 73.28
1989 76.50
1990 75.97
1991 75.84
1992 76.46
1993 78.11
1994 80.08
1995 81.51
1996 83.49
1997 86.85
1998 92.44
1999 99.54
2000 108.79
2001 116.06
2002 127.15
2003 139.63
2004 158.67
2005 180.11
2006 183.23
2007 173.34
2008 152.55
2009 146.66
2010 140.63
2011 135.17
2012 143.87
2013 159.28
2014 166.46
2015 175.12
2016 184.41
2017 195.85
2018 204.70
2019 212.25
2020 234.39
2021 278.63
2022 294.42
2023 312.95
 Gold Prices

Year Price per oz Source for pre-1970: https://nma.org/wp-content/uploads/2016/09/historic_gold_pr

1927 $ 20.64 Source for 1970-Current: LBMA Gold prices per oz
1928 $ 20.66
1929 $ 20.63
1930 $ 20.65
1931 $ 17.06
1932 $ 20.69
1933 $ 26.33
1934 $ 34.69
1935 $ 34.84
1936 $ 34.87
1937 $ 34.79
1938 $ 34.85
1939 $ 34.42
1940 $ 33.85
1941 $ 33.85
1942 $ 33.85
1943 $ 33.85
1944 $ 33.85
1945 $ 34.71
1946 $ 34.71
1947 $ 34.71
1948 $ 34.71
1949 $ 31.69
1950 $ 34.72
1951 $ 34.72
1952 $ 34.60
1953 $ 34.84
1954 $ 35.04
1955 $ 35.03
1956 $ 34.99
1957 $ 34.95
1958 $ 35.10
1959 $ 35.10
1960 $ 35.27
1961 $ 35.25
1962 $ 35.23
1963 $ 35.09
1964 $ 35.10
1965 $ 35.12
1966 $ 35.13
1967 $ 34.95
1968 $ 39.31
1969 $ 41.28
1970 $ 37.38
1971 $ 43.62
1972 $ 64.90
1973 $ 112.25
1974 $ 186.50
1975 $ 140.25

Page 54
 Gold Prices

1976 $ 134.50
1977 $ 164.95
1978 $ 226.00
1979 $ 512.00
1980 $ 589.75
1981 $ 397.50
1982 $ 459.60
1983 $ 382.40
1984 $ 308.30
1985 $ 326.80
1986 $ 388.75
1987 $ 484.10
1988 $ 410.25
1989 $ 398.60
1990 $ 386.20
1991 $ 353.15
1992 $ 332.90
1993 $ 391.75
1994 $ 383.25
1995 $ 387.00
1996 $ 369.25
1997 $ 290.20
1998 $ 287.80
1999 $ 290.25
2000 $ 274.45
2001 $ 276.50
2002 $ 347.20
2003 $ 416.25
2004 $ 435.60
2005 $ 513.00
2006 $ 632.00
2007 $ 833.75
2008 $ 869.75
2009 $ 1,087.50
2010 $ 1,405.50
2011 $ 1,574.50
2012 $ 1,664.00
2013 $ 1,204.50
2014 $ 1,206.00
2015 $ 1,060.00
2016 $ 1,145.90
2017 $ 1,291.00
2018 $ 1,279.00
2019 $ 1,523.00
2020 $ 1,891.10
2021 $ 1,820.10
2022 $ 1,830.10
2023 $ 2,072.81

Page 55
Gold Prices

Page 56
 Gold Prices

ontent/uploads/2016/09/historic_gold_prices_1833_pres.pdf (average price for year)

Page 57