This talk will be the premiere presentation of Moritz Schularick’s (Professor at Bonn Graduate School of Economics) recent study on the development of all asset returns during the 20th century in all industrial countries. In view of the current extremely low interest rates, his view on historical episodes with extraordinary low nominal and real interest rates promises interesting insights.
The underlying research: ‘The rate of return on everything, 1870-2015’ is based on a comparative study of returns on bonds, equities and housing for 17 countries. The results offer – for the first time ever – a comparative view on returns, volatilities, risk premia, etc. over a statistically significant period of time.
Based on Moritz’s argument, Stefan Hofrichter (Head of Global Economics & Strategy Allianz Global Investors) will continue to give an outlook to long-term asset returns taking into account current evaluations and historical parallels.
Discussion with the audience will be very welcome and all participants are kindly invited to join the discussants for a networking lunch after the event.
12.00 - 12.05
Ingo Mainert, CIO Multi Asset Europe, AllianzGI
Carmen Hofmann, Secretary General eabh
12.05 - 12.35
'The rate of return on everything'
Moritz Schularick (Professor at Bonn Graduate School of Economics)
12.35 - 12.50
'Asset returns: a long-term outlook'
Stefan Hofrichter (Head of Global Economics & Strategy Allianz Global Investors)
12.50 - 13.15
Discussion with the audience
Moderator: Carmen Hofmann (Secretary General of eabh)
13.15 - 14.00
Networking lunch kindly sponsored by AllianzGI