Hmm.. using similar methodology (using total returns I scanned from an Ibbotson book), I find that from January '26 to April '42, you would have done better in T-Bills than in stocks: your equities would be worth $198k, cash $204k.
Over the next sixteen years and four months (5/42-8/58), things change: you'd end with $890k in stocks, $224 in T-Bills. The next 16y4m (9/58 - 12/74) is another winner for cash -- $235k SPX, $304k TB. The last period (1/75-4-91) is a stock win: $796k vs. $402k.
It sure is interesting that in two of four of these long periods, cash beats stocks. Over all four, natch, stocks win resoundingly, because when they win, they win big.
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