'Stocks are unquestionably riskier than bonds in the short
run, but for longer periods of time, their risk falls below that on bonds.
For 20 year holding periods, the have never fallen behind
inflation, while bonds and bills have fallen 3 per cent per year behind
inflation over the same time period. So although it might appear to be riskier
to hold stocks than bonds, precisely the opposite is true if you
take a longterm view.'
Jeremy Siegel
Jeremy Siegel
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