Part 3 locations the fashionable US market file in broader historic and international context. Transferring past the 1926–2025 US proof base, it examines US shares and bonds earlier than 1925, international markets during the last 125 years, London markets, commodities, Japan, China, earlier worldwide markets, and long-run index-construction points.
The part’s function is to indicate that america was an unusually profitable market, not the one potential long-run final result. By widening the proof throughout international locations, centuries, and market regimes, this part of Exponential Wealth: Centuries of Inventory and Bond Returns seeks to assist readers perceive survivorship bias, success bias, market disruption, and the bounds of extrapolating from trendy US historical past.
