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1、February2020SummaryEditionCreditSuisseGlobalInvestmentReturnsYearbook2020ElroyDimson,PaulMarsh,MikeStauntonThoughtleadershipfromCreditSuisseResearchandtheworld'sforemostexpertsCoverageoftheSummaryEditionThisreportisasummaryversionofthefullCreditSuisseGlobalInvestmentRetu
2、rnsYearbook2020,whichisavailableinhardcopyonlyandcontainsfourdeep-divechaptersofanalysisleveragingthisuniquedataset.ThefirstchapteroftheprintedYearbookdescribesthecoverageoftheDMSdatabase,theindustrialtransfor-mationthathastakenplacesince1900,explainswhyalong-runperspect
3、iveisimportant,andsummarizesthelong-runreturnsonstocks,bonds,bills,inflationandcurrenciesoverthelast120years.Thesecondchapterofthe260-pagevolumedealswithriskandriskpremiums,documentinghistoricalriskpremiumsaroundtheworldandhowtheyhavevariedovertime.Thethirdchapteroftheha
4、rdcopybook–whichishighlightedinthisextract–turnstotheverycontemporarytopicofresponsibleinvesting.Theauthorspresentconclusionsdrawnfromawealthofacademicstudiesaswellasnewworkoftheirown.Theystudytheimplicationsofexclusionaryscreening,thelimitationsoftheESGratingsthatarethe
5、toolkitformanyESGinvestors,andwhetherESGscreeninggenuinelyenhancesperformance.TheauthorsshowthattheroutebywhichESGinvestorscancombinetheprinciplesofresponsibilitywithaimsformaterialcapitalappreciationistoproactivelyusetheirpowerful“voice,”andtoharnessthevoicesofotherstoe
6、ngagedeeplywithinvesteecompanies.AnactiveratherthanpassiveapproachtoESGdrivesreturns.ThefourthchapterofthefullYearbookfocusesonfactorinvesting:size,value,income,momentum,volatilityandothersmart-betaapproachestoassetmanagement.Thefull2020Yearbookconcludeswithanin-depthhi
7、storicalanalysisoftheinvestmentperformanceof26globalmarkets–23countriesandthreetransnationalregions.Tohighlightthenewandimpactfulresearchforthe2020Yearbook,theopeningsectionofthisSummaryEditionstartswithaninsightfulandbroadlybasedreviewofESGinvesting.Thenextsectionlooksa
8、tinvestingforthelongterm,withafocusonlong-runassetreturns,riskandriskpremiums,andfactorinvesting–allbas
