Research Article
Is Farmland As Good As Gold?
Table 6
Data appendix: annual investment yields for the choice set of assets.
| Year | T-Bills | Long Bonds | FREIT | Gold | REITs | Canada | Australia | US | Japan | Europe | World | Hong Kong | Borrowing |
| 1972 | 3.6% | 7.2% | 14.0% | 43.8% | 11.2% | 32.6% | 20.0% | 15.6% | 125.8% | 14.4% | 22.5% | 161.7% | 6.0% | 1973 | 5.4% | 7.6% | 26.2% | 66.7% | −27.2% | −3.6% | −13.0% | −17.0% | −20.5% | −8.8% | −15.2% | −39.3% | 7.7% | 1974 | 7.8% | 8.9% | 34.8% | 58.1% | −42.2% | −27.1% | −34.5% | −28.6% | −16.1% | −24.1% | −25.5% | −57.1% | 10.8% | 1975 | 7.4% | 9.0% | 30.4% | 4.5% | 36.3% | 14.5% | 48.2% | 34.2% | 19.4% | 41.5% | 32.8% | 109.7% | 9.4% | 1976 | 8.9% | 9.2% | 25.1% | −22.5% | 49.0% | 9.1% | −11.4% | 21.9% | 25.1% | −7.8% | 13.4% | 40.1% | 10.0% | 1977 | 7.4% | 8.7% | 21.2% | 18.5% | 19.1% | −2.6% | 10.3% | −9.3% | 15.4% | 21.9% | 0.7% | −11.8% | 8.5% | 1978 | 8.6% | 9.3% | 23.7% | 30.8% | −1.6% | 19.8% | 20.2% | 4.3% | 52.8% | 21.9% | 16.5% | 17.8% | 9.7% | 1979 | 11.6% | 10.2% | 26.6% | 58.2% | 30.5% | 51.3% | 42.0% | 12.5% | −12.2% | 12.3% | 11.0% | 82.7% | 12.9% | 1980 | 12.7% | 12.5% | 28.6% | 101.0% | 28.0% | 22.1% | 52.7% | 27.9% | 29.7% | 11.9% | 25.7% | 71.9% | 14.3% | 1981 | 17.8% | 15.2% | 16.2% | −25.2% | 8.6% | −11.3% | −24.8% | −5.7% | 15.5% | −12.5% | −4.8% | −16.5% | 19.3% | 1982 | 13.8% | 14.3% | 3.2% | −18.3% | 31.6% | 1.2% | −23.7% | 20.0% | −0.9% | 4.0% | 9.7% | −44.4% | 15.8% | 1983 | 9.3% | 11.8% | 0.1% | 12.8% | 25.5% | 32.4% | 54.1% | 20.4% | 24.5% | 21.0% | 21.9% | −2.8% | 11.2% | 1984 | 11.1% | 12.8% | −0.5% | −14.9% | 14.8% | −8.4% | −13.7% | 4.5% | 16.8% | 0.6% | 4.7% | 47.0% | 12.1% | 1985 | 9.5% | 11.0% | −2.6% | −12.2% | 5.9% | 15.1% | 19.6% | 31.1% | 43.1% | 78.9% | 40.6% | 51.7% | 10.6% | 1986 | 9.0% | 9.5% | −1.8% | 16.1% | 19.2% | 9.9% | 42.3% | 16.3% | 99.4% | 43.9% | 41.9% | 56.1% | 10.5% | 1987 | 8.2% | 10.0% | 1.2% | 21.5% | −10.7% | 13.9% | 9.3% | 2.9% | 43.0% | 3.7% | 16.2% | −4.1% | 9.5% | 1988 | 9.4% | 10.2% | 5.8% | −2.2% | 11.4% | 17.1% | 36.4% | 14.6% | 35.4% | 15.8% | 23.3% | 28.1% | 10.8% | 1989 | 12.0% | 9.9% | 15.2% | −12.8% | −1.8% | 24.3% | 9.3% | 30.0% | 1.7% | 28.5% | 16.6% | 8.4% | 13.3% | 1990 | 12.8% | 10.9% | 11.2% | 0.7% | −17.3% | −13.0% | −17.5% | −3.1% | −36.1% | −3.8% | −17.0% | 9.2% | 14.1% | 1991 | 8.8% | 9.8% | 4.1% | −5.6% | 35.7% | 11.1% | 33.6% | 30.1% | 8.9% | 13.1% | 18.3% | 49.5% | 9.9% | 1992 | 6.5% | 8.7% | 2.3% | −5.1% | 12.2% | −12.2% | −10.8% | 6.4% | −21.5% | −4.7% | −5.2% | 32.3% | 7.5% | 1993 | 4.9% | 7.9% | 5.3% | 4.6% | 18.5% | 17.6% | 35.2% | 9.1% | 25.5% | 29.3% | 22.5% | 116.7% | 5.9% | 1994 | 5.4% | 8.6% | 9.2% | 6.7% | 0.8% | −3.0% | 5.4% | 1.1% | 21.4% | 2.3% | 5.1% | −28.9% | 6.9% | 1995 | 7.0% | 8.3% | 12.5% | −0.1% | 18.3% | 18.3% | 11.2% | 37.1% | 0.7% | 21.6% | 20.7% | 22.6% | 8.7% | 1996 | 4.3% | 7.5% | 11.8% | 1.0% | 35.8% | 28.5% | 16.5% | 23.2% | −15.5% | 21.1% | 13.5% | 33.1% | 6.1% | 1997 | 3.2% | 6.4% | 14.8% | −14.6% | 18.9% | 12.8% | −10.4% | 33.4% | −23.7% | 23.8% | 15.8% | −23.3% | 5.0% | 1998 | 4.7% | 5.5% | 9.2% | −11.1% | −18.8% | −6.1% | 6.1% | 30.1% | 5.1% | 28.5% | 24.3% | −2.9% | 6.6% | 1999 | 4.7% | 5.7% | 7.0% | −5.2% | −6.5% | 53.7% | 17.6% | 21.9% | 61.5% | 15.9% | 24.9% | 59.5% | 6.4% | 2000 | 5.5% | 5.9% | 6.5% | 0.0% | 25.9% | 5.3% | −10.0% | −12.8% | −28.2% | −8.4% | −13.2% | −14.7% | 7.3% | 2001 | 3.9% | 5.8% | 6.2% | −2.9% | 15.5% | −20.4% | 1.7% | −12.4% | −29.4% | −19.9% | −16.8% | −18.6% | 5.8% | 2002 | 2.6% | 5.7% | 9.9% | 13.2% | 5.2% | −13.2% | −1.3% | −23.1% | −10.3% | −18.4% | −19.9% | −17.8% | 4.2% | 2003 | 2.9% | 5.3% | 9.3% | 18.5% | 38.5% | 54.6% | 49.5% | 28.4% | 35.9% | 38.5% | 33.1% | 38.1% | 4.7% | 2004 | 2.2% | 5.1% | 8.7% | 12.8% | 30.4% | 22.2% | 30.3% | 10.1% | 15.9% | 20.9% | 14.7% | 25.0% | 4.0% | 2005 | 2.7% | 4.4% | 8.6% | 8.5% | 8.3% | 28.3% | 16.0% | 5.1% | 25.5% | 9.4% | 9.5% | 8.4% | 4.4% | 2006 | 4.0% | 4.3% | 8.2% | 35.7% | 34.4% | 17.8% | 30.9% | 14.7% | 6.2% | 33.7% | 20.1% | 30.4% | 5.8% | 2007 | 4.2% | 4.3% | 8.8% | 15.2% | −17.8% | 29.6% | 28.3% | 5.4% | −4.2% | 13.9% | 9.0% | 41.2% | 6.1% | 2008 | 2.4% | 4.0% | 13.4% | 25.4% | −37.3% | −45.5% | −50.7% | −37.6% | −29.2% | −46.4% | −40.7% | −51.2% | 4.7% | 2009 | 0.4% | 3.3% | 9.8% | 11.5% | 27.4% | 56.2% | 76.4% | 26.3% | 6.3% | 35.8% | 30.0% | 60.2% | 2.4% |
| Geomean | 6.9% | 8.2% | 11.3% | 8.7% | 9.1% | 9.5% | 9.6% | 8.5% | 9.0% | 10.1% | 8.8% | 13.8% | 8.6% | Stdev | 0.0% | 2.9% | 9.4% | 26.6% | 21.8% | 22.8% | 27.6% | 18.7% | 34.1% | 22.7% | 18.8% | 47.7% | 0.0% |
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