This software program contains data that were prepared by and are proprietary to Morningstar, Inc., Source: Stocks, Bonds, Bills and Inflation® Valuation Edition 2012 Yearbook. © 2012, Morningstar. All Rights Reserved. Used with Permission. Neither Morningstar nor its content providers guarantee the accuracy, timeliness or completeness of these data. It is recommended that analysts using Morningstar data for cost of capital purposes consult the current yearbook and understand the derivations of the numbers used.
Stocks, Bonds, Bills, and Inflation® (SBBI®) has been developed in an effort to document the history of security market returns and to uncover the relationships between the various asset class returns as revealed by the inflation, real interest rates, risk premia, and other premia.
The series presented here are total returns, and where applicable or available, include after-tax capital appreciation returns and income returns for:
| 1. | Common Stocks - represented by the Standard and Poors 500 Stock Composite Index with dividends reinvested (S&P500 1957-Present; S&P90 1926-1956) |
| 2. | Small Company Stock - represented by the performance of the fifth capitalization quintile of stocks on the NYSE for 1926-1981. Performance of the Dimensional Fund Advisors (DFA) Small Company Fund 1982-March 2001. Performance of DFA Micro Cap Fund April 2001-Present. |
| 3. | Long Term Government Bonds - measured using a one-bond portfolio with an approximate maturity of twenty years. |
