Research Article
Is Farmland As Good As Gold?
Table 1
Average annual investment yields for T-bills, long bonds, F-REIT, gold, REITs, and stock markets (1972–2009).
| | Income/div yield | Cap gain yield | Total yield | Coefficient of variation | | Avg yield | Std dev | Avg yield | Std dev | Avg yield | Std dev |
| | T-bills | N/A | N/A | N/A | N/A | 5.1% | 0.0% | N/A | | Long Bonds | N/A | N/A | N/A | N/A | 6.1% | 2.9% | 0.48 | | Borrowing | N/A | N/A | N/A | N/A | 7.9% | 0.0% | N/A |
| | Real estate: | | | | | | | | | F-REIT | 2.7% | 0.7% | 7.4% | 9.1% | 7.1% | 9.4% | 1.36 | | REITs | 8.9% | 2.7% | 0.3% | 20.4% | 9.1% | 21.8% | 2.40 | | Gold | 0.0% | 0.0% | 8.7% | 26.6% | 8.7% | 26.6% | 3.06 |
| | Stock markets: | | | | | | | | | Canada | 2.6% | 1.0% | 6.9% | 22.4% | 9.5% | 22.8% | 2.40 | | Australia | 3.2% | 1.2% | 6.4% | 26.6% | 9.6% | 27.6% | 2.88 | | USA | 2.4% | 1.1% | 6.1% | 18.3% | 8.5% | 18.7% | 2.20 | | Japan | 1.2% | 0.8% | 7.8% | 33.6% | 9.0% | 34.1% | 3.79 | | Europe | 3.1% | 1.0% | 7.1% | 22.1% | 10.1% | 22.7% | 2.25 | | World | 2.4% | 0.9% | 6.4% | 18.4% | 8.8% | 18.8% | 2.14 | | Hong Kong | 4.1% | 1.7% | 9.7% | 46.6% | 13.8% | 47.7% | 3.46 |
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