TY - JOUR T1 - Stock Investments May Earn Less Than Bonds in the 21st Century JF - The Journal of Investing SP - 23 LP - 24 DO - 10.3905/joi.2002.319502 VL - 11 IS - 2 AU - Austin Murphy Y1 - 2002/05/31 UR - https://pm-research.com/content/11/2/23.abstract N2 - The hypothesis that equity returns may be lower than returns on bonds in the coming century is supported by evidence showing the relatively poor past performance of international stock markets, the relatively low current yields on U.S. equities, and the relatively limited prospects for future profit growth in the U.S. ER -