POR QUE AÇÕES SEMPRE SUPERAM TÍTULOS NO LONGO PRAZO: UMA ANÁLISE ECONÔMICA E EMPÍRICA

Abstract: This article analyzes the superiority of equities over fixed income in the long term, based on economic concepts, historical data, and Jeremy Siegel's contributions in Stocks for the Long Run. Siegel's studies, which cover more than two centuries of financial returns (1801-2021), demonstrate that equities consistently outperform fixed income securities in terms of cumulative returns, even with the inherent volatility of the equity market. This advantage stems from companies' ability to generate value above the cost of debt, reflected in real returns adjusted for inflation that have historically surpassed those offered by fixed income. The article also addresses the impact of inflation, the resilience of large companies during crises, and the importance of financial planning and patience as essential tools for investors. It concludes that equities are the best option for long-term investors aiming to maximize returns and build wealth sustainably, even in challenging economic and political scenarios.