This annual title presents both annual index levels and total rates of return for common stocks, long-term government bonds, long-term corporate bonds, Treasury bills and the Consumer Price Index. In addition, historical return figures for four component series -- the riskless rate of interest, the equity risk premium, the bond default premium, and the maturity premium between the return on long-term governments and Treasury bills are provided. Taken together, the five basic asset series and the four component series provide the investor with the necessary historical background for making judgments about future tradeoffs between risk and reward.

About the Author

Roger Ibbotson is a Professor in Practice at Yale School of Management. He is also Chairman and CIO of Zebra Capital Management LLC, a global asset and hedge fund manager that focuses on capturing liquidity premiums in equity markets. He is founder, adviser and former chairman of Ibbotson Associates, now a Morningstar company. He has written numerous books and articles. Ibbotson serves on numerous boards including Dimensional Fund Advisors’ funds. He frequently speaks at universities, conferences and other forums.

Roger J. Grabowski, Managing Director of Duff &Phelps LLC, is a major speaker at conferences and has testified in court as an expert witness on the value of closely held businesses and business interests, matters of solvency, valuation and amortization of intangible assets and other valuation issues. Roger authors the annual Duff& Phelps' Risk Premium Report.

James P. Harrington, Director in the Office of Professional Practice at Duff & Phelps, is an accomplished financial writer and analyst. He provides technical support on client engagements involving cost of capital and business valuation matters, and leads efforts for development of Duff &Phelps' studies, surveys, online content and tools, and internal models.

Carla Nunes, Director in the Office of Professional Practice of Duff & Phelps LLC, provides firmwide technical guidance on a variety of valuation, financial and tax reporting issues. She has directed multiple valuation assignments for a wide range of industries, including pharmaceutical, biotechnology, healthcare, vitamin retail, specialty chemicals, industrial manufacturing, and gaming and hospitality.

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