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quarta-feira, outubro 29, 2008

Turbulent times test our faith in equities...

Excerpto do The Times...

Um estudo de um economista do Barclays mostra que o investimento em acções, nos últimos 25 anos, quando comparado com um feito em obrigações do Tesouro, propicionou rendibilidades mais baixas...

It is an article of faith among most investors that equities outperform government bonds. Smart long-term investors put their money in shares because over any lengthy period in the past century or more, they have produced much bigger returns than bonds have.

With shares now languishing unloved once more, that faith is being put to the test. The cult of the equity is still the mainstream view but its adherents are having to be a lot more patient than usual. British shares are lower today than 12 years ago. Japanese shares are lower than 26 years ago.

Tim Bond, the man behind Barclays' Equity-Gilt study, has crunched up-to-date numbers for The Times and come up with some sobering findings. Only investors who put their money to work in 1983 or earlier would have done better placing it in equities than government bonds (gilts). From 1984 onwards, in any timeframe up to the present day, gilts have produced a better total return than shares. Over any timeframe of less than 15 years to the present day, even deposit accounts have produced a better return.

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