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China’s long march of optimism

China’s long march of optimism

China is one of two global equity markets where investors lost everything in the 20th century. When Mao Zedong and the communists seized power in 1949, property was declared null and void and equities became worthless. Including such cataclysmic events in their study of global asset returns since 1900, is how London Business School (LBS) professors Elroy Dimson, Paul Marsh and Mike Staunton avoid survivorship bias. First published in their book, Triumph of the Optimists (Princeton University Press, 2002), the research is updated to the start of this year as the Credit Suisse Global Investment Returns Yearbook 2019.

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