Please read and accept before launching the learning tool
By using Real Returns Since 1802, you confirm that you understand this is not an official website of HEC Paris, any other university, or any academic institution. This site was independently developed by Khloud.Cloud using AI-assisted tools for personal educational purposes. No university, professor, or faculty member referenced herein is responsible for or liable for its content or accuracy. The tool is provided for educational purposes only and does not constitute financial or investment advice. Full terms are set out below.
This tool, "Real Returns Since 1802 — Interactive Chart", is provided exclusively as a free, open educational resource. It was created by an HEC Paris EMBA student to support learning in the Financial Markets and Asset Pricing course. All content — including charts, data, analyses, quiz questions, and commentary — is intended solely for academic study and personal enrichment.
Nothing on this website constitutes financial advice, investment advice, trading advice, or any other form of professional advice. Historical asset returns presented here do not guarantee, predict, or imply future performance. You must not make any financial, investment, or trading decisions based on the information presented in this tool. Always consult a qualified financial professional before making investment decisions.
This website is NOT an official publication of HEC Paris, any other university, or any academic institution. It was independently developed by Khloud.Cloud (khloud.cloud) using AI-assisted tools for personal educational purposes. Any references to HEC Paris, its faculty, course names, or professors are made solely to provide academic context and do not imply affiliation, sponsorship, endorsement, or approval by those institutions or individuals. Neither HEC Paris, any other university, nor any professor or faculty member referenced herein is responsible for, or liable in any way for, the content, accuracy, completeness, or availability of this website. All responsibility for the content rests solely with Khloud.Cloud.
While every effort has been made to ensure accuracy, the data presented is sourced from publicly available academic datasets (Siegel 6th ed., Shiller Yale, BLS CPI-U) and may contain errors, approximations, or simplifications for educational illustration purposes. The creator makes no warranty of completeness, accuracy, or fitness for any particular purpose.
You may use this tool for personal study, academic research, and non-commercial educational purposes with attribution. You may not use this tool for commercial purposes, redistribute it under a different brand, or embed it in another application without prior written permission from the creator. Automated scraping of data beyond personal academic use is not permitted.
This tool uses Umami Analytics (anonymised, GDPR-compliant, no personal data, no cookies) to understand aggregate usage patterns. Your exam scores, UI preferences, and onboarding status are stored only in your browser's local storage and are never transmitted to any server. No personally identifiable information is collected or stored.
The creator expressly disclaims all liability for any direct, indirect, incidental, consequential, or special damages arising from your use of, or reliance on, this tool or its content. Your use of this tool is entirely at your own risk.
These terms are effective as of April 22, 2026. By clicking "I Agree — Launch Learning Tool" below, you confirm that you have read, understood, and agree to be bound by these Terms & Conditions in their entirety. If you do not agree, please do not use this tool.
Effective April 22, 2026 · T&C v1.0.0 · Student project · Not affiliated with HEC Paris
in One Interactive Chart
This tool is built around Prof. Ioanid Rosu's framework for understanding long-run asset returns — the empirical foundation of modern finance. Before you explore the data, let's walk through the key ideas that make this chart one of the most important in all of finance.