PT  - JOURNAL ARTICLE
AU  - Austin Murphy
TI  - Stock Investments May Earn Less Than Bonds in the 21st Century
AID  - 10.3905/joi.2002.319502
DP  - 2002 May 31
TA  - The Journal of Investing
PG  - 23--24
VI  - 11
IP  - 2
4099  - https://pm-research.com/content/11/2/23.short
4100  - https://pm-research.com/content/11/2/23.full
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.