The authors have compiled a data base with which bond returns can be consistently tracked to the days of the Spanish Civil War, 1871 to be exact.  Working with such vast timelines has revealed some amazing insights.  Among other things, the authors have concluded that the bond market is not accurately incorporating future inflation into its interest yield projections.  The authors plan to explore other critical implications for broad industry classses in future Journal articles.

Lessons for the Historical Record For Performance Measurement.