七十年回报来源
原件此处是表格，PDF 抽取时列结构已丢失，下面只剩按列读出的数字，行列对应关系无法还原。核对数据请打开来源正文。
收益来源 滚动 10 年期 10 年期 10 年期 股息 盈利 投资 前期年末 投机 总回报 国债收益率 收益率 增长率 回报率 市盈率 市盈率 回报率
1 1946 4.7 0.4 5.1 16.7 14.3 -1.6 3.5 2.2
2 1947 5.6 3.6 9.2 9.8 9.3 -0.4 8.8 2.4
3 1948 6.1 13.6 19.7 19.8 6.6 -10.4 9.3 2.3
4 1949 6.9 9.9 16.8 13.7 7.1 -6.4 10.5 2.3
5 1950 7.4 10.5 17.9 10.0 7.0 -3.6 14.3 2.5
6 1951 6.0 7.7 13.7 7.6 9.6 2.4 16.2 2.7
7 1952 5.4 8.8 14.2 9.2 10.9 1.6 15.9 2.8
8 1953 5.8 10.3 16.2 12.2 9.9 -2.1 14.1 2.6
9 1954 4.4 11.5 15.9 14.1 12.6 -1.1 14.8 2.5
10 1955 3.6 14.2 17.8 18.1 12.5 -3.6 14.2 3.0
11 1956 3.7 12.4 16.1 14.3 13.6 -0.5 15.7 3.6
12 1957 4.4 7.7 12.1 9.3 12.0 2.5 14.6 3.2
13 1958 3.3 2.4 5.6 6.6 18.5 10.8 16.4 3.9
14 1959 3.1 3.9 7.0 7.1 17.4 9.3 16.3 4.7
15 1960 3.4 1.4 4.9 7.0 17.4 9.6 14.4 3.8
16 1961 2.8 2.7 5.5 9.6 22.5 8.9 14.4 4.1
17 1962 3.4 4.3 7.7 10.9 17.1 4.6 12.4 3.9
18 1963 3.1 4.8 7.9 9.9 18.5 6.4 14.3 4.1
19 1964 3.0 5.1 8.1 12.6 18.5 3.9 11.9 4.2
20 1965 3.0 3.7 6.6 12.5 17.7 3.5 10.1 4.6
21 1966 3.5 5.0 8.5 13.6 14.7 0.7 9.3 4.8
22 1967 3.1 4.7 7.8 12.0 17.9 4.1 11.9 5.7
23 1968 2.9 7.1 10.0 18.5 18.5 0.0 10.0 6.0
24 1969 3.5 5.5 8.9 17.4 15.8 -1.0 8.0 7.7
25 1970 3.5 4.6 8.1 17.4 17.6 0.1 8.2 6.4
26 1971 3.1 6.0 9.1 22.5 17.4 -2.5 6.5 5.9
27 1972 2.7 5.8 8.4 17.1 18.3 0.7 9.1 6.4
28 1973 3.6 7.3 10.9 18.5 11.6 -4.5 6.4 6.7
29 1974 5.4 6.9 12.3 18.5 7.5 -8.6 3.7 7.4
30 1975 4.1 4.4 8.5 17.7 11.1 -4.5 4.0 8.0
31 1976 3.9 6.0 9.8 14.7 10.6 -3.2 6.6 6.9
32 1977 5.0 7.4 12.4 17.9 8.6 -7.0 5.3 7.7
33 1978 5.3 7.9 13.2 18.5 7.8 -8.3 4.9 9.0
34 1979 5.2 9.9 15.1 15.8 7.3 -7.5 7.7 10.4
35 1980 4.6 11.2 15.8 17.6 9.0 -6.5 9.4 12.8
36 1981 5.4 10.4 15.8 17.4 8.1 -7.4 8.4 13.7
37 1982 4.9 7.0 11.9 18.3 11.0 -4.9 7.0 10.5
38 1983 4.3 5.6 9.9 11.6 11.7 0.1 10.0 11.8
39 1984 4.6 6.5 11.0 7.5 9.9 2.7 13.8 11.5
40 1985 3.8 6.3 10.1 11.1 14.2 2.4 12.5 9.3
41 1986 3.3 3.9 7.2 10.6 17.2 5.0 12.2 7.1
42 1987 3.7 4.9 8.5 8.6 13.8 4.8 13.3 9.0
43 1988 3.5 6.8 10.3 7.8 11.6 4.1 14.4 9.1
44 1989 3.2 4.4 7.6 7.3 15.2 7.7 15.3 7.8
45 1990 3.7 3.7 7.4 9.0 15.4 5.5 12.9 8.1
46 1991 3.1 0.4 3.5 8.1 24.3 11.7 15.2 7.1
收益来源 滚动 10 年期 10 年期 10 年期 股息 盈利 投资 前期年末 投机 总回报 国债收益率 收益率 增长率 回报率 市盈率 市盈率 回报率
47 1992 2.8 4.2 7.1 11.0 22.8 7.5 14.6 6.8
48 1993 2.7 4.5 7.2 11.7 21.3 6.2 13.4 5.8
49 1994 2.9 6.3 9.2 9.9 14.9 4.2 13.3 7.8
50 1995 2.2 8.8 11.0 14.2 18.1 2.5 13.5 5.7
51 1996 2.0 10.3 12.3 17.2 19.2 1.1 13.5 6.3
52 1997 1.6 8.5 10.2 13.8 24.2 5.8 16.0 5.8
53 1998 1.4 4.7 6.1 11.6 31.6 10.5 16.6 4.7
54 1999 1.2 7.7 8.9 15.2 29.7 6.9 15.8 6.3
55 2000 1.2 8.9 10.1 15.4 26.6 5.6 15.7 5.2
56 2001 1.4 4.5 5.8 24.3 46.4 6.7 12.5 5.1
57 2002 1.8 3.8 5.5 22.8 32.6 3.6 9.2 4.0
58 2003 1.6 8.3 9.9 21.3 22.2 0.4 10.4 4.3
59 2004 1.6 6.7 8.3 14.9 20.5 3.2 11.6 4.2
60 2005 1.8 7.5 9.2 18.1 18.1 0.0 9.2 4.5
61 2006 1.8 7.7 9.5 19.2 17.4 -1.0 8.5 4.6
62 2007 1.9 5.2 7.1 24.2 22.4 -0.8 6.3 4.1
63 2008 3.2 -8.9 -5.6 31.6 59.0 6.5 0.8 2.4
64 2009 2.0 0.6 2.6 29.7 21.8 -3.0 -0.5 3.6
65 2010 1.8 4.5 6.3 26.6 16.1 -4.9 1.4 3.3
66 2011 2.1 13.4 15.5 46.4 14.3 -11.1 4.4 2.0
67 2012 2.2 12.1 14.3 32.6 16.4 -6.6 7.7 1.7
68 2013 1.9 7.5 9.4 22.2 18.0 -2.0 7.4 2.9
69 2014 1.9 5.7 7.7 20.5 20.1 -0.2 7.5 2.2
70 2015 2.1 2.2 4.3 18.1 23.7 2.8 7.0 2.2
平均 3.4 6.3 9.7 15.7 17.1 0.9 10.6 5.5
未来 10 年 2.0 4.0 6.0 23.7 21.5 -1.0 5.0 2.0
Sources of Return Trailing 10-Year 10-Years 10-Year Dividend Earnings Investment Prior Year-End Speculative Total Treasury Yield Growth Return P/E P/E Return Return Yield 1 1946 4.7 0.4 5.1 16.7 14.3 -1.6 3.5 2.2 2 1947 5.6 3.6 9.2 9.8 9.3 -0.4 8.8 2.4 3 1948 6.1 13.6 19.7 19.8 6.6 -10.4 9.3 2.3 4 1949 6.9 9.9 16.8 13.7 7.1 -6.4 10.5 2.3 5 1950 7.4 10.5 17.9 10.0 7.0 -3.6 14.3 2.5 6 1951 6.0 7.7 13.7 7.6 9.6 2.4 16.2 2.7 7 1952 5.4 8.8 14.2 9.2 10.9 1.6 15.9 2.8 8 1953 5.8 10.3 16.2 12.2 9.9 -2.1 14.1 2.6 9 1954 4.4 11.5 15.9 14.1 12.6 -1.1 14.8 2.5 10 1955 3.6 14.2 17.8 18.1 12.5 -3.6 14.2 3.0 11 1956 3.7 12.4 16.1 14.3 13.6 -0.5 15.7 3.6 12 1957 4.4 7.7 12.1 9.3 12.0 2.5 14.6 3.2 13 1958 3.3 2.4 5.6 6.6 18.5 10.8 16.4 3.9 14 1959 3.1 3.9 7.0 7.1 17.4 9.3 16.3 4.7 15 1960 3.4 1.4 4.9 7.0 17.4 9.6 14.4 3.8 16 1961 2.8 2.7 5.5 9.6 22.5 8.9 14.4 4.1 17 1962 3.4 4.3 7.7 10.9 17.1 4.6 12.4 3.9 18 1963 3.1 4.8 7.9 9.9 18.5 6.4 14.3 4.1 19 1964 3.0 5.1 8.1 12.6 18.5 3.9 11.9 4.2 20 1965 3.0 3.7 6.6 12.5 17.7 3.5 10.1 4.6 21 1966 3.5 5.0 8.5 13.6 14.7 0.7 9.3 4.8 22 1967 3.1 4.7 7.8 12.0 17.9 4.1 11.9 5.7 23 1968 2.9 7.1 10.0 18.5 18.5 0.0 10.0 6.0 24 1969 3.5 5.5 8.9 17.4 15.8 -1.0 8.0 7.7 25 1970 3.5 4.6 8.1 17.4 17.6 0.1 8.2 6.4 26 1971 3.1 6.0 9.1 22.5 17.4 -2.5 6.5 5.9 27 1972 2.7 5.8 8.4 17.1 18.3 0.7 9.1 6.4 28 1973 3.6 7.3 10.9 18.5 11.6 -4.5 6.4 6.7 29 1974 5.4 6.9 12.3 18.5 7.5 -8.6 3.7 7.4 30 1975 4.1 4.4 8.5 17.7 11.1 -4.5 4.0 8.0 31 1976 3.9 6.0 9.8 14.7 10.6 -3.2 6.6 6.9 32 1977 5.0 7.4 12.4 17.9 8.6 -7.0 5.3 7.7 33 1978 5.3 7.9 13.2 18.5 7.8 -8.3 4.9 9.0 34 1979 5.2 9.9 15.1 15.8 7.3 -7.5 7.7 10.4 35 1980 4.6 11.2 15.8 17.6 9.0 -6.5 9.4 12.8 36 1981 5.4 10.4 15.8 17.4 8.1 -7.4 8.4 13.7 37 1982 4.9 7.0 11.9 18.3 11.0 -4.9 7.0 10.5 38 1983 4.3 5.6 9.9 11.6 11.7 0.1 10.0 11.8 39 1984 4.6 6.5 11.0 7.5 9.9 2.7 13.8 11.5 40 1985 3.8 6.3 10.1 11.1 14.2 2.4 12.5 9.3 41 1986 3.3 3.9 7.2 10.6 17.2 5.0 12.2 7.1 42 1987 3.7 4.9 8.5 8.6 13.8 4.8 13.3 9.0 43 1988 3.5 6.8 10.3 7.8 11.6 4.1 14.4 9.1 44 1989 3.2 4.4 7.6 7.3 15.2 7.7 15.3 7.8 45 1990 3.7 3.7 7.4 9.0 15.4 5.5 12.9 8.1 46 1991 3.1 0.4 3.5 8.1 24.3 11.7 15.2 7.1 Sources of Return Trailing 10-Year 10-Years 10-Year Dividend Earnings Investment Prior Year-End Speculative Total Treasury Yield Growth Return P/E P/E Return Return Yield 47 1992 2.8 4.2 7.1 11.0 22.8 7.5 14.6 6.8 48 1993 2.7 4.5 7.2 11.7 21.3 6.2 13.4 5.8 49 1994 2.9 6.3 9.2 9.9 14.9 4.2 13.3 7.8 50 1995 2.2 8.8 11.0 14.2 18.1 2.5 13.5 5.7 51 1996 2.0 10.3 12.3 17.2 19.2 1.1 13.5 6.3 52 1997 1.6 8.5 10.2 13.8 24.2 5.8 16.0 5.8 53 1998 1.4 4.7 6.1 11.6 31.6 10.5 16.6 4.7 54 1999 1.2 7.7 8.9 15.2 29.7 6.9 15.8 6.3 55 2000 1.2 8.9 10.1 15.4 26.6 5.6 15.7 5.2 56 2001 1.4 4.5 5.8 24.3 46.4 6.7 12.5 5.1 57 2002 1.8 3.8 5.5 22.8 32.6 3.6 9.2 4.0 58 2003 1.6 8.3 9.9 21.3 22.2 0.4 10.4 4.3 59 2004 1.6 6.7 8.3 14.9 20.5 3.2 11.6 4.2 60 2005 1.8 7.5 9.2 18.1 18.1 0.0 9.2 4.5 61 2006 1.8 7.7 9.5 19.2 17.4 -1.0 8.5 4.6 62 2007 1.9 5.2 7.1 24.2 22.4 -0.8 6.3 4.1 63 2008 3.2 -8.9 -5.6 31.6 59.0 6.5 0.8 2.4 64 2009 2.0 0.6 2.6 29.7 21.8 -3.0 -0.5 3.6 65 2010 1.8 4.5 6.3 26.6 16.1 -4.9 1.4 3.3 66 2011 2.1 13.4 15.5 46.4 14.3 -11.1 4.4 2.0 67 2012 2.2 12.1 14.3 32.6 16.4 -6.6 7.7 1.7 68 2013 1.9 7.5 9.4 22.2 18.0 -2.0 7.4 2.9 69 2014 1.9 5.7 7.7 20.5 20.1 -0.2 7.5 2.2 70 2015 2.1 2.2 4.3 18.1 23.7 2.8 7.0 2.2 Average 3.4 6.3 9.7 15.7 17.1 0.9 10.6 5.5 Next 10 Yrs 2.0 4.0 6.0 23.7 21.5 -1.0 5.0 2.0