that’s definitely one of canaccord adams’ finer works
Nice, but does it even make sense to compare with the pre-1900s or even early 1900s? I mean, for (just a small subset of) example(s), the markets between those times and now are: - qualitatively different due to a host of new financial instruments, different regulations, different actions due to different financial theories, etc. - quantitatively different in the number of companies in existence, the sheer number of stocks traded, etc. Not to mention that: - equities can be more coupled to other asset classes through convertible bonds, and thereby blurring the distinctions between asset classes in general - market efficiency is different with the advent of high speed internet, computers, databases, etc. - CFA program and the bull run of JoeyDVivre!