About this source
Mike Staunton and Paul Marsh of London Business School present 125+ years of global investment return data from the Dimson-Marsh-Staunton database, arguing that 20th-century equity returns are unlikely to repeat and that survivorship bias, home-country bias, and fee drag are the three forces most likely to harm retail investors in the decades ahead.
Frameworks extracted
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The Long-Run Data Minimum
Thirty years of data tells you almost nothing — you need a century across many countries
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Negative Alpha Certainty
Fees are the only form of alpha you can guarantee — and they compound against you
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Global Diversification Dominance
Home bias is always wrong — own the world, not your postcode
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Lower Expected Returns Anchoring
The 20th century was exceptional — build your retirement plan around something closer to 5% real
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The Equity Risk Premium as a Variable
The equity premium is not pi — it is not a constant and cannot be looked up
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Survivorship Bias in Financial History
The returns you see are the markets that survived — the losers were quietly erased