The joy of a stocks and shares ISA is that it legally protects your investments from tax on growth and income. That’s more important than ever as tax-free allowances are slashed and tax rates go up.

If you hope to build wealth through investing then shielding your gains from unnecessary tax must be a core part of your strategy.

ISAs are tax-efficient ‘wrappers’ created by the UK government to encourage saving. Any investment inside the ISA wrapper can grow tax-free as long as you don’t break the rules.

Stocks and shares ISAs are provided by high street banks, fund managers such as Vanguard, financial advisors, and specialist online brokers or platforms.

You get a new ISA allowance every tax year. You can put the entire amount into a stocks and shares ISA if you wish.

£20,000 is the maximum amount of new money you can pay into a stocks and shares ISA during the tax year 2025-26. (£9,000 in a JISA ¹). The same limit will apply until the tax year: 2031-2032 at the earliest. The tax year runs from 6 April to 5 April.

The ISA deadline is 5 April every year. That’s the last day of the current tax year you can use up your allowance. You get a new allowance from 6 April. But you can’t roll over unused ISA capacity from the previous year.

If you’ve left things late then know it’s enough to have the cash taken off your debit card and inside your ISA by close of business on 5 April. You don’t need to have actually invested the cash for it to qualify for tax-free protection.

Why open a stocks and shares ISA?

A stocks and shares ISA combines three critical features:

• The ability to invest in assets that are expected to grow faster than cash.

• Legally recognised tax protection. You don’t have to worry about HMRC handing you a large bill because you invested in some sketchy offshore caper.

• Instant accessibility. You can invest in liquid holdings that can be sold to meet unforeseen difficulties or other life events that occur before you reach pension age.

In short, ISAs are a private investor’s top tax-protection shield, along with pensions.

• Find out more about the benefits of ISAs vs SIPPs.

Which taxes are not paid in a stocks and shares ISA?

The main taxes that you do not have to pay on investments in a stocks and shares ISA are:

• Income tax on interest – as earned on bonds and bond funds. The rate is going up 2% across the board from 6 April 2027. 

• Dividend income tax – as paid by shares, equity funds, and property funds. The ordinary and upper rates rise 2% from 6 April 2026. UK REITs and PIAFs pay Property Income Distributions (PIDs) with tax already deducted. You need to claim this back if you hold these fund types in an ISA. 

• Property income tax – Will be charged at a basic rate of 22%, higher rate of 42% and additional rate of 47% from 6 April 2027. Income from UK REITs and PIAFs will be liable for these rates instead of dividend income tax from April 2027. 

• Capital gains tax on profits – as paid on the growth in value of taxable assets when you sell them.

• Inheritance tax – although it’s complicated, and depends on the ISA passing to a spouse or civil partner who’s not been estranged from the deceased.

• Interest and dividends paid straight out of your ISA are not taxed.

• ISA withdrawals aren’t taxed, unlike with a pension. (You will pay a penalty if you withdraw from a Lifetime ISA at the wrong time).

Even more reasons to use an ISA

Investing in a stocks and shares ISA is a no-brainer, even if you think your holdings are too small to be caught up in the taxman’s net.

• Many providers charge you no more for holding an ISA than they do for keeping your assets in a taxable account.

• Though most of us start out small, your investments can grow surprisingly rapidly. Over the years you will outstrip your ability to manage everything within your tax allowances.

• Taxes are going up. On top of explicit increases in dividends and capital gains, other UK tax thresholds are frozen until April 2031. This is a stealth tax, so use your tax shelters while you can.

• You don’t even have to tell HMRC about your ISA transactions. (Believe me, if you ever have to fill in a tedious capital gains tax form, you’ll fall to your knees with thanks that all your investments are in an ISA.)

ISAs can be mission critical

If you’re on a mission to achieve financial independence (FI) before your minimum pension age ² then stocks and shares ISAs will accelerate you towards your goal.

The best course for most will be to combine ISAs and SIPPs to achieve the FI dream. ISA investments can bridge the gap between your FIRE ³ date and your minimum pension age.

The minimum pension age for accessing your personal pension is currently 55. But the government has confirmed it will rise to age 57 at some point in 2028. Thereafter the minimum pension age is due to be set to ten years before your State Pension age.

A stocks and shares ISA is also a great place to stash your pension’s 25% tax-free lump sum so that you can expand the amount of income you can take without being pushed into a higher tax bracket.

Investment ISA types

You can hold investments in the following types of ISA:

• Stocks and shares ISA
• Lifetime ISA (choose a stocks and shares version not cash)
• Junior ISA (again, shares not cash)

ISA providers call stocks and shares ISAs by various names including:

• Shares ISA
• Self-Select ISA
• Ready Made ISA
• Share Dealing ISA
• Investment ISA
• Workplace ISA
• AIM ISA

They’re all stocks and shares ISAs. But they are given different marketing labels depending on how the provider is trying to appeal to consumers.

A stocks and shares ISA may also be a flexible ISA. This means you can potentially replenish withdrawals you make without running down your ISA allowance.

You can invest in a stocks and shares ISA from age 18 onwards by opening an account with your chosen platform (bank, fund manager, IFA or similar).

We’ve put together a list of providers in our cheapest online broker table. These providers enable you to invest in a DIY stocks and shares ISA. You can see who offers a flexible stocks and shares ISA in the left-hand column.

Stocks and shares ISA rules

You can:

• Have as many stocks and shares ISAs as you like.

• Split money across a stocks and shares ISA, lifetime ISA (LISA), cash ISA, and innovative finance ISA, provided you don’t put in more than £20,000 of new money per tax year. Your annual LISA contributions are capped at £4,000, and new cash ISA savings will be capped at £12,000 per year from 6 April 2027, if you’re under 65.

• Transfer money from ISAs (of any type) into multiple stocks and shares ISAs with any provider. 

Transferring old ISA money or assets does not:

• Use up your ISA allowance for the current tax year (unless you’re transferring to a LISA – see below.)

You can transfer any amount of your ISAs’ value. Either transfer the whole lot into one ISA, transfer a portion of it into several ISAs, or any other combo you desire.

How to transfer an ISA

You can transfer any amount from any of your stocks and shares ISAs. 

You can transfer your money into different types of ISA. 

You can only transfer into one new LISA per tax year from non-LISAs. You’re limited to a maximum of £4,000 and you do get the government bonus on that. Transferring from old non-LISAs into a new LISA doesn’t use up your overall £20,000 annual allowance but it does reduce your LISA allowance. 

It looks like transfers to cash ISAs from stocks and shares ISAs will be forbidden from 6 April 2027. 

You can’t transfer more than £4,000 into a LISA per tax year. That transfer will also use up your LISA allowance for the year. 

Always transfer an ISA to retain the tax-free status of its assets. Don’t withdraw cash and plop it in a new ISA – that uses up your ISA allowance!

Transfer assets in specie (this avoids them being sold to cash) if you are given the option. In specie moves are also known as re-registration.

• See our comprehensive guide on the ISA allowance rules.
• How to transfer a stocks and shares ISA.

Other ISA funding rules

If you invest £9,000 per tax year in a JISA for each of your children that does not reduce your own ISA allowance.

Replacing cash withdrawn from a flexible stocks and shares ISA does not use up your ISA allowance. However you can’t replace the value of shares, or other investment types, that you moved out of the account. It’s the value of your cash withdrawals that you’re entitled to put back. 

It’s worth checking your ISA’s T&Cs whenever you choose a product. Not all of the government’s ISA rules are mandatory. ISA managers do not have to support all features.

Best ISA funds

The main investment vehicles you can include in a stocks and shares ISA are:

• Mutual funds such as OEICs and Unit Trusts 
• Exchange Trade Products such as ETFs and ETCs
• Investment trusts
• Individual company shares (including fractional shares – this got sorted!)
• Individual government and corporate bonds
• Treasury bills

The government maintains a comprehensive list of the complete menagerie. 

If you are new to investing then our passive investing HQ can explain more.

Remember that the assets listed above are riskier than cash – you can get back less than you put in.

HMRC is indicating that a list of ‘cash like‘ investments (think money market funds, treasury bills, perhaps some gilts) are likely to become ineligible in stocks and shares ISAs for the under 65s. 

It’s worth regularly reflecting on how much risk you might be able to handle as you build your investing portfolio.

Index trackers are an investment vehicle that combine simplicity and affordability. They are recommended by some of the best investors in the world – and us.

• See our list of particularly useful low-cost index funds and ETFs. 

The Financial Services Compensation Scheme (FSCS) provides some investor compensation should your ISA or investment manager go belly up. Do take a look at the link. The scheme is convoluted, to say the least.

Stocks and shares ISA costs

You can expect to pay stocks and shares ISA investment fees that cover:

• Your ISA provider’s management costs
• The cost of owning investment funds
• Dealing fees for trading investments in the open market
• Fees for special events such as transferring your ISA

All fees should be transparently laid out by your ISA provider and investment fund managers.

Charges that can be paid from monies held outside of your ISA, if your provider agrees, include:

• ISA provider’s management costs
• Fees for special / one-off events, such as closing your account

Charges that must be paid from funds held within the ISA include:

• Dealing fees
• The cost of owning investment funds

A flexible ISA doesn’t enable you to replace the cost of ISA charges against your allowance.

Beware of transfer fees that can rack up when your provider charges you ‘per line of stock’. For example they might charge you £15 per company stock and investment fund that you own.

Tax efficiency

You can’t transfer most unsheltered assets straight out of a taxable account and into your stocks and shares ISA wrapper.

You generally have to sell the assets first and buy them again inside your ISA. This is colloquially, if not popularly, known as Bed and ISA.

Selling an unsheltered investment can cost you capital gains tax on your profits. But you can duck that by staying within your capital gains tax allowance and defusing your capital gains.

You can transfer employee share save scheme shares directly into an ISA in some circumstances.

If you want to invest more than you can squeeze into your annual ISA allowance, then research tax efficient investing to avoid building up a capital gains tax time bomb.

Inheriting a stocks and shares ISA

Your surviving spouse or civil partner can receive your ISA assets tax-free upon your death. Although do check that the T&Cs of your particular stocks and shares ISA allow for it to remain tax-free and invested after your passing.

++Monevator Minefield Warning ++ The rules below apply equally to spouses and civil partners but we’ll just refer to spouses for brevity’s sake. Unmarried couples do not benefit from these special inheritance rules. See our article on how unmarried couples can protect their finances.

A surviving spouse is given a one-off ISA allowance that equals the value of your ISAs. 

This is called the Additional Permitted Subscription (APS).

A spouse uses the APS to add the value of their deceased partners’ ISAs into ISA accounts held under their own name. 

For example, if you die with ISA assets worth £50,000, then your spouse is entitled to an APS of £50,000.

Plus they get their usual annual ISA allowance on top.

The APS effectively means your spouse benefits from the tax-free status of your ISA assets after your death.

The APS is worth the higher of:

• Your ISA’s value at the date of your death
• Or the value of your assets when the account is closed. (This assumes no part of the APS has been used up to that point)

Surprisingly, your spouse still benefits from the APS even if your ISAs are willed to someone else. 

In this scenario, your partner can fund their APS from their own money or other inherited assets.

That said, under most circumstances, a surviving spouse will fill their APS simply by transferring their deceased partner’s ISA assets. 

The APS must be used no later than:

• Within three years of the date of your death 

OR

• Within 180 days of the completion of the administration of your estate, if that’s later

The surviving spouse does not have to wait until the estate is settled to use the APS though. 

Managing an inherited ISA

Assets within the deceased’s ISA can be managed by their personal representatives before it is closed. However they can’t make new contributions into the account. 

The ISA continues to grow tax-free until the earlier of:

• Completion of the administration of the estate.
• Closure by your executor
• Three years and one day after your death. The account is automatically closed at this point

If you have multiple ISAs with different providers then your spouse’s APS is divided between them according to the value of the ISAs lodged with each firm. 

Your spouse must claim each portion of their APS from each ISA provider involved.

Again, check that the various providers of your ISAs subscribe to these rules as described. Terms can vary.  

More ISA inheritance rules

(Because there isn’t enough to think about already…)

The other main wrinkle is that your spouse can only receive assets in specie from a stocks and shares ISA by transferring them to the same provider that you held them with.

They can then transfer the assets to another manager once held in their own name.

Another clause is that assets transferred in specie must be the ones held on the date you were told of the death of the investor. (Some might see this rule as pretty heartless. However I don’t know about you but the very first thing I want to know after hearing the news of my partner’s death is the list of non-cash assets they’ve got tucked in their ISAs. Let’s cut to the chase! ⁴)

In specie transfer must be made within 180 days of the assets passing into the beneficial ownership of the surviving spouse.

Your ISAs do not pass on their tax-free status to anyone other than your spouse. 

The tax benefits do not apply if you and your surviving partner were not living together on the date of death, or were legally separated, or in the process of becoming legally separated. 

AIM-ing for even more

Some wealth managers and platforms market AIM ISAs that twin the advantages of a stocks and shares ISA’s tax efficiency with the inheritance tax-elusiveness of Alternative Investment Market (AIM) shares.

Some but not all AIM shares qualify for inheritance tax relief under peculiar government rules that are subject to change.

An AIM ISA is:

• Risky
• Not guaranteed to work out
• Subject to high minimum investments, which add a naughty elite frisson to the escapade

Check out the links above if you need ‘em.

Stocks and shares ISAs aren’t just for the rich

Some people think ISAs are a rich person’s concern. That’s because few have experience of paying capital gains tax, or even income tax on share dividends.

However even modest savings can really add up to a big portfolio in a bull market, at which point the tax protection is invaluable.

Shielding your investment returns from tax like this can make a huge difference to your end result from investing.

Finally, if you want to optimise your ISA to the max then take a look at our cheapest stocks and shares ISA hack. 

Take it steady,

The Accumulator

1. Junior ISA for kids.[↩]
2. The moment you can first crack open your personal pension.[↩]
3. Financial Independence Retire Early.[↩]
4. Sarcasm.[↩]

You’ve finally had it. Your existing stocks and shares ISA provider has dropped a fee bomb and you’re outta there! But perhaps you haven’t experienced the stocks and shares ISA transfer process before? Life is busy after all. And those filthy bloodsuckers probably won’t let you go easily.

So – in the age of enshittification –  just how hard is it to transfer your stocks and shares ISA?

Here’s our quick guide to dumping your ISA provider.

Dear ISA provider… it’s not me, it’s you

You normally have three options for extracting your ISA from the clammy hands of the unworthy:

1. Cash transfer

Your current platform sells your assets and transfers the cash directly to your new ISA provider. You choose new investments from scratch, making this option good for a brand new start, if things have got a little, ah, messy.

• Your ISA’s anti-tax armour remains unbreached.

• It should take two to three weeks to transfer, but it can take longer.

• You are out of the markets as soon as your assets are sold and until you repurchase a fresh batch. That could go for or against you. No one knows.

2. Stock transfer

The existing contents of your stocks and shares ISA are transferred intact to your new provider. In other words, all your funds and shares are handed over without being sold or repurchased. This type of ISA transfer is often referred to as an in specie transfer, or as re-registration.

• Again, your ISA’s tax status is not compromised.

• It should take about four to eight weeks but you know how it goes.

• You remain in Mr Market at all times and are subject to his whims.

• You won’t be able to trade until the transfer is complete.

3. DIY sell-off

Of course, you can always flog your assets yourself and use the proceeds to open up a new account with another ISA provider.

• Your ISA’s tax powers are very much kyboshed in this scenario. ¹

• Transfer out fees are avoided, though perhaps not account closure charges. Also note some platforms will pay your transfer fees to secure your business.

• You’ll pay dealing fees to sell and buy anew.

• You’ll be out of the market for a few days.

Stock transfer: The nitty-gritty

Personally, I would use a stock transfer all day long. The annual advance of a market can occur in just a few days and I’d hate myself if I missed out.

However, there are a couple of potential snag-ettes to watch out for with the ol’ in specie manoeuvre:

• Contact your new provider and old provider to make sure they both play ball when it comes to in specie transfers.

• Check that assets in your old ISA are available in your new one. If not, then talk to your new provider. Otherwise, incompatible assets are likely to be sold.

• Different provider’s forms use different terminology to describe an in specie transfer. Check if you’re not sure which box to tick, and, whatever you do, avoid the box marked ‘liquidate’.

• Some providers impose a transfer out charge per fund or line of stock – just one last pound of flesh before you leave. Some new providers will pay these fees for you. (Occasionally, they might be waived. It never hurts to ask!)

To do list

If your old provider’s ‘just one last chance’ pleas have fallen on deaf ears and you’ve identified your new dream partner then completing your stocks and shares ISA transfer isn’t much more daunting than filling in a form:

• Complete the ISA transfer forms provided by your new platform.

• Ask your new provider if it will cover your transfer out fees.

• Tell your old provider to close your account once the transfer is complete. 

• Cancel your old direct debit and relax.

That’s about all you need to know. I’ve got a couple of bullet points left in the tips-gun though so let’s fire ’em off:

• Your new platform should tell you when your account has transferred.

• You can transfer your current year’s ISA, although new money can only be added when the transfer is complete.

• Transfers do not count towards your current year’s ISA allowance.

• You can even partially transfer an ISA. List the assets you’d like to transfer, though note that your old provider can refuse a partial transfer. 

• Document all your holdings (names, ISIN codes, quantities held) before you transfer. Take a screenshot of your holdings sitting in your old broker. This will come in very handy should any holdings go astray during the transfer.

That’s it. We’re done. Happy transferring.

Take it steady,

The Accumulator

1. In other more boring words, the money you had tucked away in the ISA loses its tax protection.[↩]

When I began planning my financial future, I became obsessed with nailing a realistic rate of return. All of the investment calculators required one.

Plus, everything else flowed from that number – such as how much I needed to save, and how long it would be before I could declare financial independence.

It seemed important. Because if I highballed the number then I was telling myself a fairy story, wasn’t I?

Eventually I read enough fusty old PDFs and insomnia-curing books to convince myself I had an answer.

The average inflation-adjusted rate of return for a portfolio of global equites was about 5%. More than 100 years of returns data said so.

You could dig up a similar number for bonds, too, and all the rest.

Do the maths, and hey presto! One time-tested, personalised rate of return.

Data mining

Then you get down to the hard work. Years of hacking away at the FI coalface. Celebrating when you hit a seam of double-digit returns. Face blackened when you’re scorched by a fireball of negative numbers.

But it’s the damnedest thing. That oh-so-achievable looking positive average return hardly ever turns up. Because investment returns are rarely average:

Data from JST Macrohistory ¹, The Big Bang ², Before the Cult of Equity ³, A Century of UK Economic Trends ⁴, St. Petersburg Stock Exchange Project ⁵, World Financial Markets ⁶, and MSCI. February 2026.

No matter how many annual return charts I see, I never get used to how nuts the variance is. Yet this carnival of volatility is a far better portrayal of the actual investment experience.

In the chart above, the blue line is the average annualised return for World equities 1900 to 2025. It currently stands at 5.6%. (All returns in this post are inflation-adjusted, GBP total returns).

However you can count on your fingers the number of annual returns that remotely resembled that figure. Across 126 years!

Which is fine and dandy when returns come in over the blue line: “Yay, I’m above average – maybe I’ll get to retire early?”

But it’s super-bleak whenever the bad years roll in. Then, everyone wonders if they’ve been sold a pup.

Optimism biased

Luckily a string of defeats doesn’t happen very often, as you can see from the chart. We haven’t experienced more than a single negative year in a row since the Dotcom Bust of 2000 to 2002.

Since then though, interest in DIY investing has exploded. I can only imagine the fear and loathing that’ll reverberate through the community if (when…) we suffer a sequence more like the 2000s, the 1970s, or the 1930s.

There’s no cure for human nature I suppose. But the Pollyanna problem has been on my mind lately, given nerve-janglingly extreme US market valuations.

Gold fingered

The wide variation of returns we see with equities holds too for every other asset class you can plausibly take refuge in. Such as gold…

Data from The London Bullion Market Association. February 2026.

Gold won the past decade. It’s also having a great year (so far).

Tempted? Beware that gold annual returns are certifiably insane.

The last 20 years have been amazing. But the 20 years between 1980 and the year 2000? Not so much.

Necessary historical footnote: The GBP gold price before 1975 was mostly either fixed or distorted by the impact of government regulation. Find out more in our deep dive into gold.

Show me the money

Data from JST Macrohistory ⁷, British Government Securities Database ⁸, and Millennium of Macroeconomic Data for the UK, ⁹. February 2026.

Cash operates in a narrower range, sure. Yet inflation and abrupt interest rate swings can send returns haywire.

I still wonder why everyone piled into money market funds when interest rates spiked in 2022. Had they forgotten the enormous cash bear market that raged from 2009?

Money markets lost over 27% from 2009 to 2023. Every year bar one was a loser. But it just didn’t feel like it because we don’t keep it real. (By which I mean inflation-adjusted!)

His skid mark materials

AQR ¹⁰, Summerhaven ¹¹, and BCOM TR. February 2026.

Commodities are even scarier than equities. Some 42% of years are negative versus just 30% for World equities. You need a cast iron stomach to withstand that level of volatility.

But also look at the number of years commodities returned over 20% – and even 40% – in comparison to equities.

The penny finally drops when you discover that bonza commodities years often occur when equities are in the toilet.

Commodities’ average return looks pretty good, too: 4.3% annualised. Then again, this asset class is the epitome of ‘anything can happen and it probably will’.

Gilt complex

Data from JST Macrohistory ¹², and FTSE Russell. February 2026.

Lastly, if not leastly, there’s government bonds – whose approval rating sank to Trumpian levels when gilts dished out their second-worst annual return on record in 2022.

All Stocks gilts (as featured in most UK government bond funds and ETFs) aren’t really much easier on the nerves than equities. Even worse, their average return is a miserable 0.76%.

The secret though is not to view bonds on their own. Bonds don’t make any sense in isolation. The magic happens when you throw them into a pot with other assets.

Kinda like how most people don’t eat raw chillies, but there’s widespread agreement that they add something to curries.

Enter the Pot-folio

Don’t even think about stealing my amazing new Pot-folio^TM idea. I’ve trademarked the bejesus out of it. (What’s that? “Just stick to the charts, mate…?”)

The improvement wrought by sufficient diversification isn’t totally obvious in chart form. The down rods are definitely fewer and stumpier, though.

However looking at the raw numbers highlights the difference more clearly:

	World equities	The Pot-folio
Annualised return	5.6%	5%
Deepest drawdown	-51.8%	-36.5%
Longest drawdown	13 years	10 years
% years -10% or worse	15%	9%
Volatility	16.2%	11.6%
Ulcer Index	18.4	9.8
Ulcer Performance Index	0.28	0.47

In exchange for giving up a little return, you get fewer and less severe down years. That means:

• Shallower drawdowns
• Shorter drawdowns
• Less volatility
• Better risk-adjusted performance

The Ulcer Index is a measure of downside pain that translates drawdown depth and length into a single metric. A lower number is better.

Portfolio Charts introduced me to the Ulcer Index as devised by Peter Martin.

The Ulcer Performance Index is a risk-adjusted performance ratio that divides the excess annualised return by the Ulcer Index number. Here higher is better.

You say portfolio, I say Pot-folio, you say “Go do one”

I haven’t spent time optimising the Pot-folio. It’s just an equity-tilted variant of an All-Weather portfolio.

Essentially, you maintain positions in assets that when combined can cope with most people’s shopping list of worries:

• Growth – equities
• Inflation – commodities, index-linked gilts
• Recession / panic – government bonds, gold, cash
• Stability / liquidity – cash

However, as much as everyone buys into the concept of diversification, it’s fair to say investors spend more time thinking about how to satisfy their immediate desires. Such as making bank as quickly as possible, if not quicker. Right up to the point that the risk chickens come home to roost – and crap all over the place.

So if you’re nervous about AI bubbles or whatnot, be bolder with your diversification. By which I mean, consider investing in asset classes that look painful when viewed in a vacuum, but that can be blended together to smooth out your ride.

This way you can aspire to be a bit more average most years – and if that means the difference between you staying invested for the long run and bailing out at some market bottom, it’ll make all the difference.

Take it steady,

The Accumulator

1. Jordà O, Knoll K, Kuvshinov D, Schularick M, Taylor AM. 2019. “The Rate of Return on Everything, 1870–2015.” Quarterly Journal of Economics, 134(3), 1225-1298.[↩]
2. Kuvshinov D, Zimmermann K. 2021. “The
   Big Bang: Stock Market Capitalization in the Long Run.” Journal of Financial Economics,
   Forthcoming.[↩]
3. Campbell G, Grossman R, Turner JD. 2021. “Before the cult of equity: the British stock market, 1829–1929.” European Review of Economic History. 25. 10.1093/ereh/heab003.[↩]
4. Chadha J, Rincon-Aznar A, Srinivasan S, Thomas R. “A Century of UK Economic Trends.” ESCoE, NIESR and Bank of England.[↩]
5. Radchenko P. “St. Petersburg Stock Exchange Project.” Yale School of Management, International Center for Finance.[↩]
6. Moore L. “World Financial Markets, 1900–25.” Working paper.[↩]
7. Jordà O, Knoll K, Kuvshinov D, Schularick M, Taylor AM. 2019. “The Rate of Return on Everything, 1870–2015.” Quarterly Journal of Economics, 134(3), 1225-1298.[↩]
8. Cairns A, Wilkie D, ESCoE Historical Data Repository. “Heriot-Watt / Institute and Faculty of Actuaries / ESCoE British Government Securities Database.” ESCoE.[↩]
9. Thomas R, Dimsdale N. 2017. “A Millennium of Macroeconomic Data for the UK.” Bank of England.[↩]
10. Levine, Ooi, Richardson, Sasseville. 2018. “Commodities for the Long Run.” FAJ.[↩]
11. Bhardwaj, Janardanan G, Rajkumar, Geert Rouwenhorst K. 2020. “The First Commodity Futures Index of 1933.” Journal of Commodity Markets. 2020.[↩]
12. Jordà O, Knoll K, Kuvshinov D, Schularick M, Taylor AM. 2019. “The Rate of Return on Everything, 1870–2015.” Quarterly Journal of Economics, 134(3), 1225-1298.[↩]