On 2/1/99, John R. Levine <johnl[_at_]iecc.com> wrote:
>
> A friend of mine recently wrote a book about personal financial
> software. He mentioned in passing that the long term return on stocks
> is 10.5%, a number that he'd read in a newsletter from Vanguard. That
> number is widely cited in the press -- in a few minutes I found it on
> the web in an article in the Detroit News and a feature piece on family
> finance on Money Magazine's web site, with no citation of a source in
> either case.
>
> Shortly after the book came out, his publisher received a letter from
> Ibbotson Associates, who he'd never heard of until that point, saying
> that the 10.5% number was theirs since they were the only people doing
> long-term analysis of market returns, that was a number they'd
> calculated, and he'd misappropriated their proprietary number. I don't
> know if they demanded a specific remedy or not.
>
[snip]
>
> Am I missing something here?
Not in my opinion. Seems laughable to me, but perhaps *I'm* missing something.
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