Bessembinder, H. (2018). Do stocks outperform Treasury bills? Journal of Financial Economics, 129(3), 440–457. doi:10.1016/j.jfineco.2018.06.004 https://www.sciencedirect.com/science/article/abs/pii/S0304405X18301521 The approximately 25,300 companies that issued stocks appearing in the CRSP common stock database since 1926 are collectively responsible for lifetime shareholder wealth creation of nearly $35 trillion. However, just five firms (Exxon Mobile, Apple, Microsoft, General Electric, and International Business Machines) account for 10% of the total wealth creation. The 90 topperforming companies, slightly more than one-third of 1% of the companies that have listed common stock, collectively account for over half of the wealth creation. The 1,092 topperforming companies, slightly more than 4% of the total, account for all of the net wealth creation. Of all monthly common stock returns contained in the CRSP database from 1926 to 2016, only 47.8% are larger than the one-month Treasury rate in the same month. When focusing on stocks’full lifetimes, just 42.6% of common stocks, slightly less than three out of seven, have a buy-and-hold return (inclusive of reinvested dividends) that exceeds the return to holding one-month Treasury bills over the matched horizon. -- 看哪，这论证是极好的：苏格拉底是人，凡造物都难免要朽坏，所以末了我们知道，苏格 拉底总要落到死里面了。从亚里士多德以来的每一个逻辑学家，没有一个不欢喜这个论证 的。亚里士多德明白的告诉了我们论证形式的道理，因了这个缘故，我们便尊他为逻辑学 的王。 --

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