The Equity Gilt Study has been published continuously since 1956, providing data, analysis and commentary on long-term returns from financial assets in the UK and US. Our UK database begins in 1899, while the US database starts in 1925. The US data are kindly provided by the Centre for Research in Security Prices at the University of Chicago Graduate School of Business. Our purpose in publishing this data and commentary is to provide investors with a perspective on long-term asset returns. 

In the 2010 Study, Chapter One places recent financial crises into the context of long-run variations in the level of global savings. The article then examines how these savings flows may diminish in the years ahead as a result of inexorable demographic processes. We draw some conclusions about returns from equities and bonds over the next decade. 

In Chapter Two, Michael Dicks from Barclays Wealth examines some ways in which asset bubbles can be systematically identified. Unless policymakers become extraordinarily successful in preventing the inflation of bubbles, Michael argues that investors should be able to tap a decent source of alpha by identifying and avoiding future bubbles.    

Chapter Three, authored by Sree Kochugovindan, examines the historical record of past equity market recoveries from deep bear markets, isolating the factors that may determine the strength and duration of such recoveries. As always, the remaining chapters are devoted to an analysis of historical returns from a variety of asset classes in both the UK and US, together with the relevant data.

We hope you enjoy the essays and find the data useful.

To obtain a hardcopy of the Equity Gilt Study, please email equitygiltstudy@barclayscapital.com. Copies of the Equity Gilt Study are provided free of charge to clients of Barclays Capital. Alternatively, copies can be purchased for £100 including postage & packing*

FOR PRIVATE CIRCULATION ONLY: The figures and information in this book are believed to be accurate, but are not guaranteed. No part of this document may be reproduced without the express consent of Barclays Capital.

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