TY - JOUR T1 - Estimating the Stock/Bond Risk Premium JF - The Journal of Portfolio Management SP - 28 LP - 34 DO - 10.3905/jpm.2003.319870 VL - 29 IS - 2 AU - Lacy H. Hunt AU - David M. Hoisington Y1 - 2003/01/31 UR - https://pm-research.com/content/29/2/28.abstract N2 - New light shed on the risk premium of stocks over long U.S. Treasury bonds indicates that most research has overstated the advantages of stocks over bonds. Over long periods, bonds have actually outperformed equities. Certain conditions are found to have likely produced these results. ER -