Блог им. ifrond
В очередных поисках полезной информации, как сохранить и преумножить (ради этого же мы все тут собрались) нашел очень интересную статью Historical Returns on Stocks, Bonds and Bills: 1928-2022 с показателями следующих классов активов S&P 500 (includes dividends), 3-month T. Bill (Real), !0-year T.Bonds, Baa Corp Bonds, Real Estate, Gold.
Данные, понятное дело, по рынку США, Европа пережила этот век слишком бурно, чтобы делать по ней какие-то выводы, а Азия включилась в современный мировой капиталистический рынок всего лишь лет 50 назад и пока мало данных.
Советую забрать там xls файл с расчетами и поковыряться по собственному усмотрению.
Сразу итоги для нетерпеливых
Средняя годовая доходность с учетом инфляции
S&P500(+divs) | 3-month T.Bill | !0-year T.Bonds | Baa Corp Bonds | Real Estate | Gold | |
1928-2022 | 8,27% | 0,31% | 1,88% | 3,91% | 1,28% | 3,21% |
1973-2022 | 7,56% | 0,40% | 2,63% | 4,74% | 1,50% | 5,10% |
2013-2022 | 10,78% | -1,76% | -1,91% | 1,29% | 4,91% | -0,53% |
Видно, что там полюбившаяся всем недвижка блистает только в эпоху бесплатных денег (с 2013 года), до этого она была самым неудачным вложением в течении 85 лет.
Сначала исходные данные. Они уже поправлены на размер инфляции, но я добавил колонку с инфляцией, мне так удобнее
Year | Inflation | S&P500 (+divs) | 3M T.Bill | !0-year T.Bonds | Baa Corp Bonds | Real Estate | Gold |
1928 | -1,16% | 45,49% | 4,29% | 2,01% | 4,43% | 2,68% | 1,27% |
1929 | 0,58% | -8,83% | 2,56% | 3,60% | 2,42% | -2,63% | -0,73% |
1930 | -6,40% | -20,01% | 11,69% | 11,68% | 7,41% | 2,24% | 6,94% |
1931 | -9,32% | -38,07% | 12,82% | 7,45% | -7,02% | 1,29% | -8,90% |
1932 | -10,27% | 1,82% | 12,64% | 21,25% | 37,74% | -0,21% | 35,16% |
1933 | 0,76% | 48,85% | 0,20% | 1,08% | 12,11% | -4,54% | 26,30% |
1934 | 1,52% | -2,66% | -1,22% | 6,35% | 17,04% | 1,37% | 29,78% |
1935 | 2,99% | 42,49% | -2,74% | 1,44% | 10,02% | 6,58% | -2,48% |
1936 | 1,45% | 30,06% | -1,26% | 3,52% | 9,79% | 1,74% | -1,34% |
1937 | 2,86% | -37,13% | -2,51% | -1,44% | -7,07% | -0,29% | -3,00% |
1938 | -2,78% | 32,98% | 2,92% | 7,19% | 12,36% | 1,96% | 3,03% |
1939 | 0,00% | -1,10% | 0,05% | 4,41% | 7,98% | -1,30% | -1,23% |
1940 | 0,71% | -11,31% | -0,67% | 4,65% | 7,88% | 2,57% | -2,35% |
1941 | 9,93% | -20,65% | -8,91% | -10,87% | -4,48% | -16,66% | -9,03% |
1942 | 9,03% | 9,30% | -7,97% | -6,18% | -3,53% | -5,23% | -8,28% |
1943 | 2,96% | 21,47% | -2,50% | -0,46% | 4,94% | 8,24% | -2,87% |
1944 | 2,30% | 16,36% | -1,88% | 0,27% | 4,17% | 13,96% | -2,25% |
1945 | 2,25% | 32,84% | -1,83% | 1,52% | 4,45% | 9,32% | 0,29% |
1946 | 18,13% | -22,48% | -15,03% | -12,70% | -13,23% | 5,05% | -15,35% |
1947 | 8,84% | -3,34% | -7,57% | -7,27% | -7,88% | 11,42% | -8,12% |
1948 | 2,99% | 2,63% | -1,89% | -1,01% | 0,43% | -0,91% | -2,90% |
1949 | -2,07% | 20,81% | 3,26% | 6,88% | 7,61% | 2,21% | -6,77% |
1950 | 5,93% | 23,48% | -4,46% | -5,19% | -1,60% | -2,16% | 3,43% |
1951 | 6,00% | 16,68% | -4,23% | -5,94% | -5,84% | 0,04% | -5,66% |
1952 | 0,75% | 17,27% | 0,96% | 1,50% | 3,66% | 3,62% | -1,09% |
1953 | 0,75% | -1,94% | 1,13% | 3,37% | 0,86% | 10,69% | -0,06% |
1954 | -0,74% | 53,71% | 1,69% | 4,06% | 6,95% | 1,68% | 1,33% |
1955 | 0,37% | 32,10% | 1,34% | -1,70% | 1,66% | -0,37% | -0,40% |
1956 | 2,99% | 4,33% | -0,35% | -5,09% | -5,18% | -2,01% | -3,01% |
1957 | 2,90% | -12,98% | 0,32% | 3,79% | -3,52% | -0,18% | -2,93% |
1958 | 1,76% | 41,23% | 0,01% | -3,79% | 4,59% | -1,08% | -1,31% |
1959 | 1,73% | 10,15% | 1,63% | -4,30% | -0,15% | -1,59% | -1,70% |
1960 | 1,36% | -1,01% | 1,49% | 10,14% | 5,23% | -0,59% | -0,86% |
1961 | 0,67% | 25,79% | 1,67% | 1,38% | 4,40% | 0,30% | -0,72% |
1962 | 1,33% | -10,01% | 1,42% | 4,30% | 5,09% | -1,00% | -1,37% |
1963 | 1,64% | 20,63% | 1,49% | 0,04% | 3,76% | 0,49% | -2,01% |
1964 | 0,97% | 15,30% | 2,55% | 2,73% | 4,15% | 0,29% | -0,93% |
1965 | 1,92% | 10,28% | 1,99% | -1,18% | 1,24% | -0,26% | -1,83% |
1966 | 3,46% | -12,98% | 1,35% | -0,53% | -6,67% | -2,16% | -3,32% |
1967 | 3,04% | 20,15% | 1,22% | -4,48% | -2,08% | -0,70% | -3,45% |
1968 | 4,72% | 5,82% | 0,59% | -1,38% | 0,12% | -0,56% | 7,41% |
1969 | 6,20% | -13,60% | 0,44% | -10,56% | -7,74% | 0,75% | -1,12% |
1970 | 5,57% | -1,90% | 0,78% | 10,59% | 0,08% | 2,51% | -14,23% |
1971 | 3,27% | 10,61% | 1,03% | 6,31% | 10,40% | 0,95% | 13,00% |
1972 | 3,41% | 14,84% | 0,63% | -0,57% | 7,74% | -0,42% | 43,88% |
1973 | 8,71% | -21,17% | -1,54% | -4,64% | -4,04% | -4,86% | 59,11% |
1974 | 12,34% | -34,04% | -4,00% | -9,21% | -14,88% | -2,02% | 47,90% |
1975 | 6,94% | 28,11% | -1,08% | -3,12% | 3,85% | -0,15% | -29,68% |
1976 | 4,86% | 18,09% | 0,11% | 10,60% | 14,20% | 3,16% | -8,55% |
1977 | 6,70% | -12,82% | -1,35% | -5,07% | 3,05% | 7,45% | 14,94% |
1978 | 9,02% | -2,30% | -1,69% | -8,99% | -5,39% | 6,15% | 25,68% |
1979 | 13,29% | 4,61% | -2,86% | -11,14% | -13,51% | 0,40% | 99,97% |
1980 | 12,52% | 17,08% | -1,00% | -13,78% | -14,07% | -4,55% | 2,37% |
1981 | 8,92% | -12,51% | 4,69% | -0,66% | -0,42% | -3,51% | -38,12% |
1982 | 3,83% | 15,98% | 6,52% | 27,92% | 24,29% | -3,15% | 11,36% |
1983 | 3,79% | 17,87% | 4,65% | -0,57% | 11,95% | 0,92% | -19,84% |
1984 | 3,95% | 2,11% | 5,38% | 9,41% | 11,23% | 0,70% | -22,44% |
1985 | 3,80% | 26,43% | 3,54% | 21,11% | 19,33% | 3,54% | 2,12% |
1986 | 1,10% | 17,21% | 4,82% | 22,93% | 20,17% | 8,42% | 17,66% |
1987 | 4,43% | 1,32% | 1,29% | -9,00% | -2,05% | 3,30% | 19,24% |
1988 | 4,42% | 11,60% | 2,15% | 3,64% | 10,24% | 2,67% | -18,84% |
1989 | 4,65% | 25,64% | 3,31% | 12,47% | 10,65% | -0,25% | -7,15% |
1990 | 6,11% | -8,64% | 1,31% | 0,12% | 0,03% | -6,41% | -8,69% |
1991 | 3,06% | 26,36% | 2,24% | 11,59% | 14,35% | -3,13% | -11,28% |
1992 | 2,90% | 4,46% | 0,52% | 6,28% | 9,01% | -2,02% | -8,39% |
1993 | 2,75% | 7,03% | 0,24% | 11,16% | 13,32% | -0,57% | 14,53% |
1994 | 2,67% | -1,31% | 1,54% | -10,43% | -3,89% | -0,16% | -4,72% |
1995 | 2,54% | 33,80% | 2,88% | 20,42% | 17,18% | -0,72% | -1,52% |
1996 | 3,32% | 18,74% | 1,63% | -1,83% | 1,42% | -0,88% | -7,65% |
1997 | 1,70% | 30,88% | 3,30% | 8,10% | 9,96% | 2,28% | -22,72% |
1998 | 1,61% | 26,30% | 3,11% | 13,10% | 6,23% | 4,76% | -2,40% |
1999 | 2,68% | 17,72% | 1,90% | -10,65% | -1,79% | 4,86% | -1,79% |
2000 | 3,39% | -12,01% | 2,35% | 12,83% | 5,75% | 5,70% | -8,54% |
2001 | 1,55% | -13,20% | 1,82% | 3,96% | 6,17% | 5,04% | -0,79% |
2002 | 2,38% | -23,78% | -0,75% | 12,44% | 9,57% | 7,02% | 22,65% |
2003 | 1,88% | 25,99% | -0,86% | -1,48% | 11,44% | 7,79% | 17,68% |
2004 | 3,26% | 7,25% | -1,82% | 1,20% | 6,42% | 10,05% | 1,35% |
2005 | 3,42% | 1,37% | -0,26% | -0,53% | 1,45% | 9,76% | 13,88% |
2006 | 2,54% | 12,75% | 2,14% | -0,57% | 4,40% | -0,79% | 20,14% |
2007 | 4,08% | 1,35% | 0,27% | 5,89% | -0,89% | -9,11% | 26,75% |
2008 | 0,09% | -36,61% | 1,28% | 19,99% | -5,15% | -12,08% | 4,22% |
2009 | 2,72% | 22,60% | -2,50% | -13,47% | 20,06% | -6,40% | 21,72% |
2010 | 1,50% | 13,13% | -1,34% | 6,86% | 6,75% | -5,53% | 27,34% |
2011 | 2,96% | -0,84% | -2,83% | 12,70% | 9,35% | -6,65% | 8,80% |
2012 | 1,74% | 13,91% | -1,63% | 1,21% | 8,24% | 4,61% | 3,88% |
2013 | 1,50% | 30,19% | -1,42% | -10,45% | -2,52% | 9,08% | -28,69% |
2014 | 0,76% | 12,67% | -0,72% | 9,91% | 9,56% | 3,73% | -0,63% |
2015 | 0,73% | 0,64% | -0,67% | 0,55% | -1,42% | 4,45% | -12,74% |
2016 | 2,07% | 9,50% | -1,72% | -1,36% | 8,12% | 3,17% | 5,91% |
2017 | 2,11% | 19,09% | -1,15% | 0,68% | 7,46% | 4,02% | 10,34% |
2018 | 1,91% | -6,02% | 0,03% | -1,89% | -4,59% | 2,57% | -2,79% |
2019 | 2,29% | 28,28% | -0,22% | 7,19% | 12,75% | 1,38% | 16,42% |
2020 | 1,36% | 16,44% | -0,99% | 9,84% | 8,93% | 8,86% | 22,50% |
2021 | 7,10% | 19,95% | -6,59% | -10,75% | -5,76% | 11,03% | -10,13% |
2022 | 6,42% | -22,96% | -4,13% | -22,79% | -19,65% | 0,83% | -5,52% |
Среднее | 3,11% | 8,27% | 0,31% | 1,88% | 3,91% | 1,28% | 3,21% |
Стд. откл. | 3,96% | 19,50% | 3,84% | 8,97% | 8,96% | 5,04% | 18,69% |
Мне так не очень удобно, я пересчитал таблицу с накопленным итогом (от $100)
Year | Inflation | S&P500 (+divs) | 3M T. Bill | !0-year T.Bonds | Baa Corp Bonds | Real Estate | Gold |
1927 | $100,00 | $100,00 | $100,00 | $100,00 | $100,00 | $100,00 | $100,00 |
1928 | $98,84 | $145,49 | $104,29 | $102,01 | $104,43 | $102,68 | $101,27 |
1929 | $99,41 | $132,64 | $106,96 | $105,68 | $106,96 | $99,98 | $100,53 |
1930 | $93,05 | $106,10 | $119,46 | $118,03 | $114,88 | $102,22 | $107,51 |
1931 | $84,38 | $65,71 | $134,78 | $126,82 | $106,82 | $103,54 | $97,94 |
1932 | $75,71 | $66,90 | $151,81 | $153,77 | $147,13 | $103,32 | $132,37 |
1933 | $76,29 | $99,59 | $152,12 | $155,43 | $164,95 | $98,63 | $167,19 |
1934 | $77,45 | $96,94 | $150,26 | $165,30 | $193,06 | $99,98 | $216,98 |
1935 | $79,76 | $138,13 | $146,15 | $167,68 | $212,40 | $106,56 | $211,60 |
1936 | $80,92 | $179,65 | $144,30 | $173,58 | $233,19 | $108,41 | $208,76 |
1937 | $83,23 | $112,94 | $140,68 | $171,08 | $216,71 | $108,10 | $202,50 |
1938 | $80,92 | $150,19 | $144,79 | $183,38 | $243,49 | $110,22 | $208,63 |
1939 | $80,92 | $148,54 | $144,86 | $191,47 | $262,92 | $108,79 | $206,07 |
1940 | $81,50 | $131,74 | $143,89 | $200,37 | $283,64 | $111,58 | $201,23 |
1941 | $89,59 | $104,54 | $131,07 | $178,59 | $270,93 | $92,99 | $183,06 |
1942 | $97,68 | $114,26 | $120,62 | $167,56 | $261,37 | $88,13 | $167,90 |
1943 | $100,57 | $138,79 | $117,61 | $166,78 | $274,28 | $95,39 | $163,08 |
1944 | $102,88 | $161,50 | $115,40 | $167,23 | $285,72 | $108,71 | $159,41 |
1945 | $105,20 | $214,53 | $113,29 | $169,78 | $298,43 | $118,84 | $159,87 |
1946 | $124,27 | $166,31 | $96,26 | $148,22 | $258,95 | $124,84 | $135,33 |
1947 | $135,25 | $160,75 | $88,97 | $137,44 | $238,55 | $139,10 | $124,34 |
1948 | $139,30 | $164,98 | $87,29 | $136,05 | $239,57 | $137,83 | $120,74 |
1949 | $136,41 | $199,31 | $90,14 | $145,41 | $257,80 | $140,88 | $112,56 |
1950 | $144,50 | $246,11 | $86,12 | $137,87 | $253,68 | $137,83 | $116,42 |
1951 | $153,17 | $287,16 | $82,47 | $129,68 | $238,86 | $137,89 | $109,83 |
1952 | $154,32 | $336,75 | $83,27 | $131,62 | $247,61 | $142,88 | $108,64 |
1953 | $155,48 | $330,22 | $84,21 | $136,06 | $249,74 | $158,15 | $108,57 |
1954 | $154,33 | $507,58 | $85,63 | $141,58 | $267,09 | $160,81 | $110,02 |
1955 | $154,90 | $670,51 | $86,78 | $139,17 | $271,53 | $160,22 | $109,58 |
1956 | $159,53 | $699,55 | $86,47 | $132,09 | $257,46 | $157,00 | $106,28 |
1957 | $164,16 | $608,75 | $86,75 | $137,10 | $248,40 | $156,71 | $103,16 |
1958 | $167,05 | $859,73 | $86,76 | $131,90 | $259,80 | $155,02 | $101,81 |
1959 | $169,94 | $946,99 | $88,17 | $126,23 | $259,41 | $152,56 | $100,08 |
1960 | $172,25 | $937,43 | $89,49 | $139,03 | $272,98 | $151,66 | $99,22 |
1961 | $173,40 | $1 179,19 | $90,98 | $140,95 | $284,99 | $152,11 | $98,51 |
1962 | $175,71 | $1 061,15 | $92,27 | $147,01 | $299,49 | $150,59 | $97,16 |
1963 | $178,59 | $1 280,07 | $93,65 | $147,07 | $310,75 | $151,33 | $95,20 |
1964 | $180,32 | $1 475,92 | $96,04 | $151,08 | $323,65 | $151,77 | $94,32 |
1965 | $183,79 | $1 627,65 | $97,95 | $149,30 | $327,66 | $151,37 | $92,59 |
1966 | $190,14 | $1 416,38 | $99,27 | $148,51 | $305,81 | $148,10 | $89,52 |
1967 | $195,92 | $1 701,78 | $100,48 | $141,85 | $299,45 | $147,06 | $86,43 |
1968 | $205,17 | $1 800,82 | $101,07 | $139,90 | $299,81 | $146,24 | $92,83 |
1969 | $217,89 | $1 555,91 | $101,52 | $125,12 | $276,60 | $147,34 | $91,80 |
1970 | $230,03 | $1 526,35 | $102,31 | $138,37 | $276,82 | $151,04 | $78,73 |
1971 | $237,55 | $1 688,29 | $103,36 | $147,11 | $305,61 | $152,47 | $88,97 |
1972 | $245,65 | $1 938,84 | $104,01 | $146,27 | $329,27 | $151,83 | $128,01 |
1973 | $267,05 | $1 528,38 | $102,41 | $139,48 | $315,97 | $144,45 | $203,67 |
1974 | $300,00 | $1 008,12 | $98,32 | $126,63 | $268,95 | $141,53 | $301,23 |
1975 | $320,82 | $1 291,51 | $97,25 | $122,68 | $279,30 | $141,32 | $211,83 |
1976 | $336,41 | $1 525,14 | $97,36 | $135,69 | $318,97 | $145,79 | $193,71 |
1977 | $358,95 | $1 329,62 | $96,05 | $128,81 | $328,69 | $156,65 | $222,66 |
1978 | $391,33 | $1 299,03 | $94,42 | $117,23 | $310,98 | $166,28 | $279,83 |
1979 | $443,34 | $1 358,92 | $91,72 | $104,17 | $268,96 | $166,95 | $559,58 |
1980 | $498,85 | $1 591,02 | $90,81 | $89,81 | $231,12 | $159,35 | $572,84 |
1981 | $543,34 | $1 391,99 | $95,06 | $89,22 | $230,15 | $153,76 | $354,48 |
1982 | $564,15 | $1 614,43 | $101,26 | $114,13 | $286,05 | $148,91 | $394,74 |
1983 | $585,53 | $1 902,92 | $105,97 | $113,48 | $320,24 | $150,28 | $316,43 |
1984 | $608,66 | $1 943,08 | $111,67 | $124,16 | $356,20 | $151,34 | $245,42 |
1985 | $631,79 | $2 456,63 | $115,63 | $150,37 | $425,05 | $156,69 | $250,62 |
1986 | $638,74 | $2 879,42 | $121,20 | $184,85 | $510,79 | $169,89 | $294,88 |
1987 | $667,04 | $2 917,43 | $122,76 | $168,21 | $500,32 | $175,49 | $351,62 |
1988 | $696,52 | $3 255,85 | $125,40 | $174,34 | $551,55 | $180,18 | $285,37 |
1989 | $728,91 | $4 090,65 | $129,55 | $196,08 | $610,29 | $179,73 | $264,97 |
1990 | $773,45 | $3 737,21 | $131,25 | $196,31 | $610,47 | $168,21 | $241,94 |
1991 | $797,11 | $4 722,34 | $134,19 | $219,06 | $698,07 | $162,94 | $214,65 |
1992 | $820,23 | $4 932,96 | $134,89 | $232,82 | $760,97 | $159,65 | $196,64 |
1993 | $842,79 | $5 279,75 | $135,21 | $258,80 | $862,33 | $158,74 | $225,22 |
1994 | $865,29 | $5 210,58 | $137,29 | $231,81 | $828,79 | $158,49 | $214,59 |
1995 | $887,27 | $6 971,76 | $141,25 | $279,15 | $971,17 | $157,35 | $211,32 |
1996 | $916,72 | $8 278,27 | $143,55 | $274,04 | $984,96 | $155,96 | $195,16 |
1997 | $932,31 | $10 834,60 | $148,29 | $296,24 | $1 083,06 | $159,52 | $150,82 |
1998 | $947,32 | $13 684,10 | $152,90 | $335,04 | $1 150,54 | $167,11 | $147,20 |
1999 | $972,71 | $16 108,92 | $155,80 | $299,36 | $1 129,94 | $175,23 | $144,56 |
2000 | $1 005,68 | $14 174,24 | $159,47 | $337,77 | $1 194,92 | $185,22 | $132,22 |
2001 | $1 021,27 | $12 303,24 | $162,37 | $351,14 | $1 268,64 | $194,56 | $131,17 |
2002 | $1 045,58 | $9 377,53 | $161,15 | $394,83 | $1 390,05 | $208,21 | $160,88 |
2003 | $1 065,23 | $11 814,75 | $159,76 | $388,98 | $1 549,07 | $224,43 | $189,33 |
2004 | $1 099,96 | $12 671,32 | $156,86 | $393,65 | $1 648,52 | $246,99 | $191,88 |
2005 | $1 137,58 | $12 844,91 | $156,45 | $391,57 | $1 672,43 | $271,10 | $218,52 |
2006 | $1 166,47 | $14 482,64 | $159,80 | $389,33 | $1 746,01 | $268,95 | $262,53 |
2007 | $1 214,06 | $14 678,16 | $160,23 | $412,26 | $1 730,47 | $244,45 | $332,75 |
2008 | $1 215,16 | $9 304,48 | $162,28 | $494,68 | $1 641,36 | $214,92 | $346,80 |
2009 | $1 248,21 | $11 407,30 | $158,22 | $428,04 | $1 970,61 | $201,17 | $422,12 |
2010 | $1 266,93 | $12 905,07 | $156,10 | $457,41 | $2 103,63 | $190,04 | $537,53 |
2011 | $1 304,43 | $12 796,67 | $151,68 | $515,50 | $2 300,32 | $177,41 | $584,83 |
2012 | $1 327,13 | $14 576,69 | $149,21 | $521,74 | $2 489,86 | $185,58 | $607,52 |
2013 | $1 347,04 | $18 977,39 | $147,09 | $467,21 | $2 427,12 | $202,43 | $433,22 |
2014 | $1 357,28 | $21 381,83 | $146,03 | $513,52 | $2 659,15 | $209,99 | $430,49 |
2015 | $1 367,18 | $21 518,67 | $145,06 | $516,34 | $2 621,39 | $219,33 | $375,65 |
2016 | $1 395,48 | $23 562,94 | $142,56 | $509,32 | $2 834,25 | $226,28 | $397,85 |
2017 | $1 424,93 | $28 061,11 | $140,92 | $512,78 | $3 045,68 | $235,38 | $438,99 |
2018 | $1 452,15 | $26 371,83 | $140,96 | $503,09 | $2 905,89 | $241,43 | $426,74 |
2019 | $1 485,40 | $33 829,78 | $140,65 | $539,26 | $3 276,39 | $244,76 | $496,81 |
2020 | $1 505,60 | $39 391,40 | $139,26 | $592,32 | $3 568,97 | $266,45 | $608,59 |
2021 | $1 612,50 | $47 249,98 | $130,08 | $528,65 | $3 363,39 | $295,83 | $546,94 |
2022 | $1 716,02 | $36 401,39 | $124,71 | $408,17 | $2 702,49 | $298,29 | $516,75 |
Мне не понравилось, как разбили по периодам, у меня есть собственное мнение по этому поводу
1. До 1941 США не были мировым лидером (тогда ими были Великобритания)
2. В 1944 Бреттон-Вудская конференция вывела США в мировые лидеры
3. В 1971 году произошел отказ от золотого стандарта
4. В 1991 году США стали гегемоном
5. В 2009 началась эпоха QE
Соответствующие картинки. Все же любят картинки
Какой вывод я сделал для себя.
Historical housing market data used in my book, Irrational Exuberance [Princeton University Press 2000, Broadway Books 2001, 2nd edition, 2005], showing home prices since 1890 are available for download and updated monthly: US Home Prices 1890-Present.
Опять же, не проигрывайте войны. Это очень плохо сказывается на экономике.
Не стоит применять данный термин, так как его значение находится в одном ряду с уберменши и унтерменш и т.п., в его понятие входит теория жизненного пространства. Автор термина основал Немецкий институт геополитики 1922 г, был видным представителем третьего Рейха, основоположником теории, книга которой запрещена в свободном доступе во многих странах мира, в том числе России.
Не понимаю почему данный термин стали все использовать и причем часто. Мне очень неприятно его читать, возможно, из за того, что мои деды воевали за красную армию.
Возможно, следует использовать «политика» или «политическая экономия».
Возможно, я неправ, автору поста виднее.