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TABLE 12.2 Average Annual Returns: 1926-2019 Investment Large-company stocks Small-company stocks Long-term corporate bonds Long-term government bonds U.S. Treasury bills Inflation Source: 2020 SBBI

TABLE 12.2 Average Annual Returns: 1926-2019 Investment Large-company stocks Small-company stocks Long-term corporate bonds Long-term government bonds U.S. Treasury bills Inflation Source: 2020 SBBI Yearbook. Duff & Phelps. Average Return 12.1% 16.3 6.4 6.0 3.4 2.9

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