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In episode 324, we welcome our guest, Dr. Edward McQuarrie, Professor Emeritus at Santa Clara University.\xa0\xa0In today\u2019s episode, we hear why the \u2018stocks for the long-run\u2019 thesis may not be so true. Dr. McQuarrie found digital archives and older data that gives a different conclusion than what Professor Jeremy Siegel found. We walk through how stock and bond returns have changed over time and learn that bonds have outperformed stocks for decades in countries like France and Japan.\xa0We hear about Dr. McQuarrie\u2019s \u2018regime thesis,\u2019 which says the risk/return profile of both stocks and bonds depends on what regime we\u2019re in, both capable of outperforming or underperforming over any time horizon.\xa0\xa0Please enjoy this episode with Santa Clara University\u2019s Edward McQuarrie.\xa0\xa0-----\xa0This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world\u2019s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and\xa0DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information:\xa0www.bitwiseinvestments.com\nLearn more about your ad choices. Visit megaphone.fm/adchoices