Table 6: Data appendix: annual investment yields for the choice set of assets.

YearT-BillsLong BondsFREITGoldREITsCanadaAustraliaUSJapanEuropeWorldHong KongBorrowing

19723.6%7.2%14.0%43.8%11.2%32.6%20.0%15.6%125.8%14.4%22.5%161.7%6.0%
19735.4%7.6%26.2%66.7%−27.2%−3.6%−13.0%−17.0%−20.5%−8.8%−15.2%−39.3%7.7%
19747.8%8.9%34.8%58.1%−42.2%−27.1%−34.5%−28.6%−16.1%−24.1%−25.5%−57.1%10.8%
19757.4%9.0%30.4%4.5%36.3%14.5%48.2%34.2%19.4%41.5%32.8%109.7%9.4%
19768.9%9.2%25.1%−22.5%49.0%9.1%−11.4%21.9%25.1%−7.8%13.4%40.1%10.0%
19777.4%8.7%21.2%18.5%19.1%−2.6%10.3%−9.3%15.4%21.9%0.7%−11.8%8.5%
19788.6%9.3%23.7%30.8%−1.6%19.8%20.2%4.3%52.8%21.9%16.5%17.8%9.7%
197911.6%10.2%26.6%58.2%30.5%51.3%42.0%12.5%−12.2%12.3%11.0%82.7%12.9%
198012.7%12.5%28.6%101.0%28.0%22.1%52.7%27.9%29.7%11.9%25.7%71.9%14.3%
198117.8%15.2%16.2%−25.2%8.6%−11.3%−24.8%−5.7%15.5%−12.5%−4.8%−16.5%19.3%
198213.8%14.3%3.2%−18.3%31.6%1.2%−23.7%20.0%−0.9%4.0%9.7%−44.4%15.8%
19839.3%11.8%0.1%12.8%25.5%32.4%54.1%20.4%24.5%21.0%21.9%−2.8%11.2%
198411.1%12.8%−0.5%−14.9%14.8%−8.4%−13.7%4.5%16.8%0.6%4.7%47.0%12.1%
19859.5%11.0%−2.6%−12.2%5.9%15.1%19.6%31.1%43.1%78.9%40.6%51.7%10.6%
19869.0%9.5%−1.8%16.1%19.2%9.9%42.3%16.3%99.4%43.9%41.9%56.1%10.5%
19878.2%10.0%1.2%21.5%−10.7%13.9%9.3%2.9%43.0%3.7%16.2%−4.1%9.5%
19889.4%10.2%5.8%−2.2%11.4%17.1%36.4%14.6%35.4%15.8%23.3%28.1%10.8%
198912.0%9.9%15.2%−12.8%−1.8%24.3%9.3%30.0%1.7%28.5%16.6%8.4%13.3%
199012.8%10.9%11.2%0.7%−17.3%−13.0%−17.5%−3.1%−36.1%−3.8%−17.0%9.2%14.1%
19918.8%9.8%4.1%−5.6%35.7%11.1%33.6%30.1%8.9%13.1%18.3%49.5%9.9%
19926.5%8.7%2.3%−5.1%12.2%−12.2%−10.8%6.4%−21.5%−4.7%−5.2%32.3%7.5%
19934.9%7.9%5.3%4.6%18.5%17.6%35.2%9.1%25.5%29.3%22.5%116.7%5.9%
19945.4%8.6%9.2%6.7%0.8%−3.0%5.4%1.1%21.4%2.3%5.1%−28.9%6.9%
19957.0%8.3%12.5%−0.1%18.3%18.3%11.2%37.1%0.7%21.6%20.7%22.6%8.7%
19964.3%7.5%11.8%1.0%35.8%28.5%16.5%23.2%−15.5%21.1%13.5%33.1%6.1%
19973.2%6.4%14.8%−14.6%18.9%12.8%−10.4%33.4%−23.7%23.8%15.8%−23.3%5.0%
19984.7%5.5%9.2%−11.1%−18.8%−6.1%6.1%30.1%5.1%28.5%24.3%−2.9%6.6%
19994.7%5.7%7.0%−5.2%−6.5%53.7%17.6%21.9%61.5%15.9%24.9%59.5%6.4%
20005.5%5.9%6.5%0.0%25.9%5.3%−10.0%−12.8%−28.2%−8.4%−13.2%−14.7%7.3%
20013.9%5.8%6.2%−2.9%15.5%−20.4%1.7%−12.4%−29.4%−19.9%−16.8%−18.6%5.8%
20022.6%5.7%9.9%13.2%5.2%−13.2%−1.3%−23.1%−10.3%−18.4%−19.9%−17.8%4.2%
20032.9%5.3%9.3%18.5%38.5%54.6%49.5%28.4%35.9%38.5%33.1%38.1%4.7%
20042.2%5.1%8.7%12.8%30.4%22.2%30.3%10.1%15.9%20.9%14.7%25.0%4.0%
20052.7%4.4%8.6%8.5%8.3%28.3%16.0%5.1%25.5%9.4%9.5%8.4%4.4%
20064.0%4.3%8.2%35.7%34.4%17.8%30.9%14.7%6.2%33.7%20.1%30.4%5.8%
20074.2%4.3%8.8%15.2%−17.8%29.6%28.3%5.4%−4.2%13.9%9.0%41.2%6.1%
20082.4%4.0%13.4%25.4%−37.3%−45.5%−50.7%−37.6%−29.2%−46.4%−40.7%−51.2%4.7%
20090.4%3.3%9.8%11.5%27.4%56.2%76.4%26.3%6.3%35.8%30.0%60.2%2.4%

Geomean6.9%8.2%11.3%8.7%9.1%9.5%9.6%8.5%9.0%10.1%8.8%13.8%8.6%
Stdev0.0%2.9%9.4%26.6%21.8%22.8%27.6%18.7%34.1%22.7%18.8%47.7%0.0%