Tsarist Russia outperformed the United States

One of the most interesting developments in financial data over the past few years has been the increasing availability of historical global data sets. It is boring, unglamorous work that usually involves poring over old newspapers. It can take months or years.

But it is an important antidote to “home country bias” where we overweight the importance of things from the history of our home country.

Who knew that, for over half a century, Russia’s stock markets massively outperformed those in the United States?

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