Practical analysis for investment professionals

Edward F. McQuarrie

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Edward F. McQuarrie, Ph.D., is Professor Emeritus at the Leavey School of Business at Santa Clara University. After retiring from Santa Clara in 2016, he pursued new research interests in financial market history and retirement income planning. Projects under way include errors of estimate in historical index returns, the fitful nature of size and value effects, fluctuations in the corporate bond premium, the annuity wager, and payoff analyses for Roth conversions. Working papers describing his research in progress can be downloaded at For more information, visit his website at He posts regularly at and occasionally at

Author's Posts
Don’t Bank on the Equity Risk Premium

Sometimes, regardless of the holding period, stocks do underperform in absolute terms or relative to bonds.