Hendrik Bessembinder: ‘Do Stocks Outperform Treasury Bills?’

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 10 September 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Arizona State professor delves into his provocative finding that most stocks have underperformed cash over time and the implications for investors’ portfolios.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.6	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.6	Hi, and welcome to the Longview. I'm Jeff Battack Chief Ratings Officer at Morningstar Research Services.
0:38.1	And I'm Christine Ben's Director of Personal Finance and Retirement Planning at Morningstar.
0:42.5	Our guest this week is Dr. Hendrick Bessimbinder. Hank is the professor and Francis J. and Mary B. Labriola chair in competitive business at Arizona State University's Department of Finance.
0:55.1	Professor Besantbinders' research focuses on market design and trading, including stock,
1:00.0	foreign exchange, fixed income, futures and energy markets, as well as on measuring long-term
1:05.5	investment performance. He's published numerous articles in the Journal of Finance, Journal of
1:10.3	Financial Economics, in review of of Finance, Journal of Financial Economics,
1:11.7	in review of financial studies, among others.
1:14.8	In today's conversation, we'll focus on the most widely cited and influential of Professor
1:18.9	Bess and Binders' papers, which is entitled Do Stocks Outperform Treasury Bills?
1:24.2	The paper's key findings could have implications for stock investors of all stripes,
1:28.6	so we were excited to talk to Hank and dig into his work. You can find this paper and other
1:33.8	follow-on work that Hank has done on SSRN and we'll link to it in the show notes. Hank, welcome to
1:39.9	the Longview. Well, thank you very much, Jeff. It's a pleasure to be here. We're so pleased to have you.
1:45.9	I wanted to start by discussing why you wrote the paper, do stocks outperformed treasury bills in the
1:52.0	first place. What led you to interrogate that question? Well, the truth is, it was a bit of an
	...

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