Here's a 22 May article by Cliff d'Arcy in The Motley Fool, comparing house prices and the FTSE 100. From mid-1984 to December last year, the FTSE has outperformed by 7.4% compound per year versus 7.2% for houses. But as he points out, houses are "geared" by mortgages, whereas most of us don't borrow to buy shares.
From September 1984 to the end of 2006, the money supply as measured by M4 showed an annualised average increase of 11.64%. Looking at the growth of M4 as against that of two classes of asset, I wonder where the difference went? Do interest charges roughly account for this?
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