Credit suisse global investment returns : yearbook 2022 summary edition

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      <subfield code="a">The Credit Suisse Global Investment Returns Yearbook documents long-run asset returns to help investors learn from the past. Each anual edition adds a further year of data and experience - the long-run is, after all, just a long sequence of short-run periods from the past. Each year brings its own surprises, rewards, setbacks, and inevitably, new investment concerns. Imagine an investor who slept through 2021, perhaps after reading last year's Yearbook. Awaking on New Year's Day 2022, our investor was told the year had been dominated by new strains of COVID-19, a global supply chain crisis, a surge in energy prices, the rapid return of inflation, the prospect of an end to easy money and a rate hiking cycle, together with concerns that stocks and bonds may no longer be providing a hedge for each other. Against this unpromising background, imagine the investor's surprise when told that global equities gave a return of 18% in 2021, while US stocks returned 25%. In contrast, world bonds fell by 4%. The American writer Kurt Vonnegut said that "History is merely a list of surprises. It can only prepare us to be surprised yet again." While there is some truth in this, long-run financial history has much more to offer than just to ready us for the next surprise.</subfield>
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