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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