RT Journal Article SR Electronic T1 Estimating the Stock/Bond Risk Premium JF The Journal of Portfolio Management FD Institutional Investor Journals SP 28 OP 34 DO 10.3905/jpm.2003.319870 VO 29 IS 2 A1 Lacy H. Hunt A1 David M. Hoisington YR 2003 UL https://pm-research.com/content/29/2/28.abstract AB 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.