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Buttonwood: Voice in the wilderness | The Economist: "In the 1970s, for instance, the investment return was much higher than the market return, as the oil shock and the subsequent years of stagflation caused a stampede out of equities. The 1980s and 1990s saw a boom in which share prices rose much faster than dividends; the market return was higher. In the first decade of the new millennium, the trends reversed again. But over the 40 years as a whole, the difference between the two returns was just 0.3 percentage points—the speculative element was virtually non-existent."

* “The Clash of the Cultures: Investment vs Speculation”, published by John Wiley & Sons