Refer again to Figure. At the stock market peak in 1929, look at the gap that exists between equities and bonds. At the end of 1929, the $1 investment in stocks was worth about five times more than the $1 investment in bonds. About how long did investors in stocks have to wait before they would regain that same performance edge? Again, getting a precise answer from the figure is difficult, so make an estimate.

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Value in $(log scale) 100,000 e Stocks Bonds $21,536 10,000 Inflation -!。Bills 1,000- $175 $66 100m $24 10- 1900 1940 1960 1980 2000 2006 2020 Year 1920