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Investment for the Long Run – Analysis of Historical U.S. Security Market Performance

Module Details
Audience: All Levels
Duration: 8 hours
Location: Miami Herbert Business School, University of Miami


Looking at historical U.S. security market performance data can provide some insight into how securities have reacted to a variety of different variables, from boom and bust in economic business cycles to sudden events in a global setting. It demonstrates correlations between risks and returns and the magic power of time in long-term returns.

This module provides a comprehensive overview of U.S. security market performance. It includes investment analysis on stocks, bonds, commodities, REITs, and gold. It specifically addresses risk factors facing an investor:

  1. Inflation risk.
  2. Credit risk.
  3. Industry / company risk.
  4. Market risk.
  5. Interest rate risk.
  6. Call / prepayment / reinvestment risk.
  7. Liquidity risk.
  8. Political / country risk.
  9. Currency risk.
  10. Market timing risk.

Additionally, the module covers detailed analysis in growth investing and value investing and explains the well-known value puzzle and low volatility puzzle. It provides insights on active asset management and passive asset management to guide investors to achieve a high long-term investment returns net of management fees.

The module can benefit individual investors, money managers, financial advisors, or anyone who is interested in exploring the risks and rewards in security markets.


Tie Su

Dr. Tie Su, CFA, Department of Finance, Associate Professor, Finance

Research Interests - Option pricing and hedging; asset valuation; and market microstructure

Featured Publications –

“Weak and Semi-Strong Form Stock Return Predictability Revisited,” (with Wayne Ferson and Andrea Heuson), Management Science

"Discretionary Reductions in Warrant Exercise Prices," Journal of Financial Economics (coauthor with Howe)

"How the Equity Market Responds to Unanticipated Events," Journal of Business (coauthor with Patel and Brooks)

"A Simple Cost Reduction Strategy for Liquidity Traders: Trade at the Opening," Journal of Financial and Quantitative Analysis (coauthor with Brooks)

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