Global Investment Returns Yearbook 2026 | UBS
1. TL;DR
- Equities remain the definitive long-term wealth creator, significantly outperforming bonds and bills since 1900, though investors must now navigate record-high US market concentration, evolving industry mixes, and the nuanced, often overstated, role of gold as an inflation hedge.
2. Key Findings
- US equity market share rose from 15% in 1899 to 62% by 2026, representing unparalleled global dominance (p. 5).
- 70% of current US market value resides in industries that were non-existent or negligible in 1900 (p. 6).
- Equities outperformed all other asset classes in every country with a continuous 126-year history (p. 7).
- Developed markets (8.5% p.a.) significantly outperformed emerging markets (6.9% p.a.) over the long haul (p. 8). EM outperformed since 1960. (p.8, Figure 17)
- Real returns for stocks and bonds are historically highest during periods of low inflation and high growth (p. 9).
- Momentum remains the most robust style factor, yielding a 7.7% annual premium in the US since 1900 (p. 14).
References
Disclaimer: Orignal content owned by or sourced from third parties. It does not represent the views of 'Nuggets' platform or it's team. AI is used extensively across this platform including for summaries. Accuracy is not guaranteed, there can be mistakes. Any info or content on this platform is not a financial, legal, or investment advice. Do your own research. Refer for complete disclosures:- Terms of Use · Full Disclaimer
Related nuggets
Jun 2, 2026
AI Is Escaping the Screen | 01 Jun 2026 | Coatue
Coatue : AI is entering a new phase: moving beyond digital tools and into fully autonomous systems operating in the physical world. From advanced manufacturing and surgical robotics to robots in the home, the next wave of innovation will b…
Jun 2, 2026
Kalshi Monthly Volume - Politics ($M) | Chart of the Day | Coatue
Coatue: Kalshi's political volume has scaled dramatically, and the American Power Index KPOW is what that scale enables: a single number gauge of the current balance of political power and where markets expect it to move, which Kalshi bill…
Jun 2, 2026
The BlackBerry Problem |18 May 2026 | The Mistakes Series | Malcolm Gladwell's Revisionist History
"My mistake and naivity was to think that people are were with me so you're flying around the world you're trying to get people on side and you think they're on side but they're not mhm mhm and you get blindsight" Jim Balsillie 00:01:34 ht…
Jun 2, 2026