Chart markers: ▼ crisis / crash, ◆ war or geopolitical event, ▲ positive event / bull-market start.
Data sources: Stocks = S&P 500 Total Return (price + dividends). Bonds = US 10Y Treasury, approx. TR (const. duration d = 8). Money Market = US 3M T-Bill (FRED 1934+). Inflation = US CPI. CZK/USD = OECD via FRED (from 01-1991). Gold = World Bank Pink Sheet (London PM Fix) from 01-1960; pre-1960 backfilled from the gold-standard fixed price ($20.67/oz through 1933, $35/oz 1934–1959 per Gold Reserve Act / Bretton Woods). CZ real estate = Eurostat House Price Index (quarterly, from 03-2008). US real estate = Shiller Long-Term Home Price Index + Case-Shiller (from 06-1890). A flat 3 % p.a. net rental yield (after costs) is added on top of the price index. Before data starts (CZ pre-2008, US pre-1890) we substitute inflation as the growth rate. Data: 1871–2026. Sources: Shiller (Yale), FRED (Fed. Reserve), Eurostat, World Bank, Yahoo Finance. Disclaimer: Past performance is not a guarantee of future results.