In this context the U.S. stock market is a bit of a freak, combining a long uninterrupted data series with a very positive return. No one knows for a lot of these countries, but dividends would probably be high enough to put just about all of the 39 into the positive column for real total return. Japan is an interesting case. During the period 1921-44, the professors calculate, stock prices in Tokyo did not keep up with inflation. During 1949-95 they raced ahead.
Survivors rule Stocks beat bonds Good question.
But just what happened to public holders of shares traded on the Tokyo exchange remains a mystery. Those who bought Japanese equities in late 1989, when the Nikkei was at 39,000, have lost nearly half their money after eight years. Maybe, maybe not. It has since more than made up for that, but this didn't help someone who bought in 1966 and died in 1976. It has long been a mystery among academics why stocks have done so much better than bonds throughout U.S. history.