Most Stocks Underperform T-Bills Over Their Lifetime Holding Period: Study

Over a lifetime Holding Period - do T-bills actually beat stocks?

According to the Credit Suisse Global Investment Yearbook, over the long term US equities have produced a real return of 6.4% per annum since 1900 (to year end 2016). These returns have eclipsed those of the risk-free assets, Treasury Bonds, and Bills, which achieved a real return of 2.0% and 0.8% respectively over the same period. $1 invested in US equities in 1900 would have grown to $1,402 by year-end 2016, while the same amount invested in bills would be worth only $2.6

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However, while these figures show that over the long term, equities are by far the most lucrative asset class for investors, the chance...