U.S. stocks earned a median 7.3% a year after inflation across 69 rolling 30-year stretches since 1928, from 4.3% at worst to 10.1% at best
Every 30-year stretch within 1928 to 2025, dated by its last year · share that ended below where it began in buying power: 3-month Treasury bills 35%; 10-year Treasury bonds 33%; Gold 25% · bars: the five highest medians
Macro · Personal Finance · Aswath Damodaran, NYU Stern · 30 Dec 2025