In another study covering a more recent period, the Ibbotson SBBI 2018 study examines the U.S. Market for 1926-2017. They show that $1 invested continuously for 91 years would have grown to $7.353 if invested in stocks of large companies, or even better, $36.929 if invested in stocks of small companies. Over the same period, funds invested in long term government bonds grew to a modest $143 and treasury bills ($21) barely beat out inflation ($14). We can also see from the figure that the higher returns of stocks comes together with significantly higher variability in the returns that can be observed by the larger, sharp movements in the lines.