>This means that, assuming no risk
>premium is accorded stocks, the proper dividend yield for stocks should
>be 0.6%.
Average dividend yields by decade, U.S. stocks
1820s 6.0% 1830s 7.3% 1840s 9.7% 1850s 9.1% 1860s 8.1% 1870s 6.2% 1880s 4.8% 1890s 4.0% 1900s 4.1% 1910s 5.6% 1920s 5.2% 1930s 4.7% 1940s 5.5% 1950s 4.9% 1960s 3.2% 1970s 4.1% 1980s 4.3% 1990s 2.7%
Doug