Must-Read: Benjamin Golez and Peter Koudijs: Four Centuries of Return Predictability: “We analyze aggregate market prices and dividends throughout modern financial history… …start[ing] with the Dutch and English markets in the early 17th century and mov[ing] to the U.S. market at the end of the 19th century. We find that the dividend-to-price ratio predicts returns … Continue reading Must-Read: Benjamin Golez and Peter Koudijs: Four Centuries of Return Predictability