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The Journal of Portfolio Management

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Primary Article

Estimating the Stock/Bond Risk Premium

Lacy H. Hunt and David M. Hoisington
The Journal of Portfolio Management Winter 2003, 29 (2) 28-34; DOI: https://doi.org/10.3905/jpm.2003.319870
Lacy H. Hunt
Executive vice president at the Hoisington Investment Management Company in Austin (TX 78746).
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  • For correspondence: lhunt@usbonds.com
David M. Hoisington
Senior vice president at the Hoisington Investment Management Company in Austin (TX 78746).
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  • For correspondence: david_h@usbonds.com
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Abstract

New light shed on the risk premium of stocks over long U.S. Treasury bonds indicates that most research has overstated the advantages of stocks over bonds. Over long periods, bonds have actually outperformed equities. Certain conditions are found to have likely produced these results.

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The Journal of Portfolio Management
Vol. 29, Issue 2
Winter 2003
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Estimating the Stock/Bond Risk Premium
Lacy H. Hunt, David M. Hoisington
The Journal of Portfolio Management Jan 2003, 29 (2) 28-34; DOI: 10.3905/jpm.2003.319870

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Estimating the Stock/Bond Risk Premium
Lacy H. Hunt, David M. Hoisington
The Journal of Portfolio Management Jan 2003, 29 (2) 28-34; DOI: 10.3905/jpm.2003.319870
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