The day I experienced my equity epiphany

The interview was finished and Professor Paul Marsh was sipping his cup of coffee when he came out w...

The interview was finished and Professor Paul Marsh was sipping his cup of coffee when he came out with it. I had been chatting with the good professor and his colleague Elroy Dimson (both from London Business School), quizzing both of them on whether equities really were still a good long-term investment for private investors. As authors of a marvellous book entitled Triumph of the Optimists, they stuck to the party line that equities had outperformed over the very long term, but Professor Marsh obviously felt the need to add a big caveat after the interview had finished. He pulled o...