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 is to provide investors with a perspective on long-term asset returns.

In the 2009 Study, we examine the causes of the very poor equity returns of the past decade, we discuss asset returns under varying classes of inflationary and deflationary conditions and we analyse the permutations and causes of the credit cycle. Our colleagues at Barclays Global Investors contribute a chapter highlighting the advantages offered by ETFs and examining how they can be used in a variety of strategies. As always, we also provide a thorough analysis of historical returns from a wide 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

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.