Those doing the study, Robert Arnott and Peter Bernstein, are not Ivory Tower theorists.

FORBES: The great stock illusion

Also see The Power of Gold: The History of an Obsession by the late Peter Bernstein for a long-term view.

FORBES: Gold Bugs Swatted Again

Vahan Janjigian, Forbes chief investment strategist, and Stephen Roseman, head of Thesis Capital, praised Against the Gods: The Remarkable Story of Risk by Peter Bernstein.

FORBES: Intelligent Investing Briefing Book