Welcome podcast listeners. Today we have a fantastic bonus episode for you.

We recently published our new book, The Best Investment Writing

Volume 2. The first one was a hit with Money Week concluding that it should be on

every investor's bookshelf. But we made the second volume even better. We

expanded it to include 41 hand selected investment

articles written by some of the most respected money managers and investment researchers in the

world. We are really proud of it. We also thought it'd be fun to bring on some of the authors and have them read their specific chapter from the book.

So that's what you're getting in today's special bonus episode.

If you're interested in picking up a copy of the Best investment writing volume two head on over to

Amazon or a publisher's website which is Harryman House. Also know that your

purchase will be benefiting charities as all the writer proceeds to go to the

charity of the specific author's choosing.

So enough for me, let's get to our guest author take over with this special bonus episode. Hi, this is Elroy Dimson. I'm the co-founder and the chairman of the Center for Endowment

Asset Management, which is a research center and part of Cambridge Judge Business School at the University of Cambridge.

What we do is we bring together experts in the area of investing for the long term to conduct research, exchange ideas and develop new themes that are relevant to people who are looking after long-term pools of assets.

I work closely with two colleagues at London Business School, Paul Marsh and Mike

Staunton. And I'm going to read the first chapter from the Best Investment Writing Volume 2. The chapter that I've

written with my colleagues is called The Evolution of equity markets.

To understand risk and return we must examine long periods of history.

This is because asset returns and especially equity returns are very volatile.

In the Global Investment Returns Yearbook 2018, we document the financial market history of the 20th and 21st centuries to date.

The Core of the Yearbook is a long-run study covering the annual returns since 1900 from

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