RT Journal Article
SR Electronic
T1 Stock Investments May Earn Less Than Bonds in the 21st Century
JF The Journal of Investing
FD Institutional Investor Journals
SP 23
OP 24
DO 10.3905/joi.2002.319502
VO 11
IS 2
A1 Austin Murphy
YR 2002
UL https://pm-research.com/content/11/2/23.abstract
AB 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.