Chapter III · Long-Term Capital Returns
07
The Patience Premium
Value accrues to the patient holder
A century of committed capital outperforms every diversified index
CUMULATIVE RETURNS BY ASSET CLASS · ORIGINAL $100 PAR VALUE · 1897 – 2024
Continental Securities
2,847%
Industrial Equities
1,847%
Municipal Bonds
623%
Railroad Bonds
412%
Treasury Notes
340%
$100 Original Par Value · Dividends Reinvested · Inflation-Adjusted Returns
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