@article {McQuarrie6, editor = {McQuarrie, Edward F}, title = {The Stock Market{\textquoteright}s Little Shop of Horrors: And You Thought the Aftermath of 1929 Was Grim }, volume = {18}, number = {2}, pages = {6--12}, year = {2009}, doi = {10.3905/JOI.2009.18.2.006}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Do stocks always beat bonds? Do stocks necessarily beat inflation by 6\%{\textendash}7\% over long periods? Data from select foreign markets and pre-1926 U.S. markets call these shibboleths into question. Better to regard stocks as always a risky investment, independent of holding period, and regardless of immediate prior returns. Thus, buying after stocks have declined by 40\% is no panacea. And, severe declines in excess of 40\% are more common than with conventional asset allocation models, as the halcyon decades following the Depression might suggest.TOPICS: Portfolio management/multi-asset allocation, performance measurement, volatility measures}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/18/2/6}, eprint = {https://joi.pm-research.com/content/18/2/6.full.pdf}, journal = {The Journal of Investing} }