Elroy Dimson, Paul Marsh and Mike Staunton of the London Business School examined their database of 17 national stockmarkets since 1900.

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The authors, Elroy Dimson and others, note that returns were low in 1900, but that investors became used to higher returns over the next century.

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Financial scholars David Chambers and Elroy Dimson have calculated that he outperformed the U.K. stock market by a risk-adjusted eight percentage points a year over that period.

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"Pre-Lehman, the focus was on asset allocation" and a diversified approach to active management, says London Business School professor Elroy Dimson, who is also head of the Strategy Council for the Norway fund.

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What's more, the work of Elroy Dimson, Paul Marsh and Mike Staunton of the London Business School has shown there is no statistical link between one year's economic growth and the next year's stockmarket returns.

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Not on your nellie, say Elroy Dimson, Paul Marsh and Mike Staunton from London Business School (LBS), in an annual study of global investment returns sponsored by ABN AMRO, a Dutch bank, that was published last week.

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