The 25th edition of UBS Global Investment Returns Yearbook is an authoritative guide to historical long-run returns. It covers 35 markets and five composite indexes, i.e. the world, the world ex-US, Europe, developed markets and emerging markets. Twenty-three of the countries and all five composite indexes start in 1900. The other 12 markets start later than 1900, but have long histories ranging from 48 to 73 years