Elroy Dimson

Professor of Finance

Director of Research (Finance)

Chairman of the Centre for Endowment Asset Management (CEAM)

BA (Newcastle University), MCom (Birmingham University), PhD (University of London), Hon FIA (Institute of Actuaries), Hon FSIP (CFA Institute)

My research and consultancy focus on active ownership and on investing for the long term. I have a particular interest in endowment asset management and formerly chaired the Strategy Council for Norway’s sovereign wealth fund, as well as the Policy and Advisory Boards of FTSE Russell. My co-authors and I have become well known for our global research on the investment performance since 1900 of all the main asset categories. I’m part of the Finance subject group at Cambridge Judge Business School, which studies the investment and financing decisions of individuals, firms, and institutions.

A key purpose of my research is to help investors understand today’s markets by studying and interpreting financial history.

Contact details


Academic area


Professional experience

Elroy Dimson  is a Professor of Finance at Cambridge Judge Business School, and is co-founder and Chairman of the Centre for Endowment Asset Management. He formerly served as chair of the Strategy Council for Norway’s sovereign wealth fund, and as chair of the Policy and Advisory Boards of FTSE Russell. He is a member of the Financial Economists Roundtable and of the European Corporate Governance Institute. He is a Fellow or Honorary Fellow of CFA UK, the Institute of Actuaries, the Royal Historical Society, the Risk Institute at Ohio State University, and Gonville & Caius College, Cambridge.

Professor Dimson’s books include Triumph of the Optimists and the Global Investment Returns Yearbook (with Paul Marsh and Mike Staunton), Endowment Asset Management (with Shanta Acharya), and Financial Market History (with David Chambers). Recent publications are on active ownership (Review of Financial Studies), real assets (Journal of Financial Economics), financial history (Journal of Financial and Quantitative Analysis), endowment strategy (Financial Analysts Journal), and long-horizon investing. His PhD is from London Business School.

Previous appointments

Elroy Dimson has been an Emeritus Professor at London Business School since 2009. Prior to 2009, he served LBS as Professor of Finance, Faculty Governor, Chair of the Finance Area, Chair of the Accounting Area, Dean of MBA Programmes, and Director of the Initiative on Foundation and Endowment Asset Management. He has held visiting positions at Chicago, Berkeley, the Bank of England, and other institutions, as well as a variety of board positions.


Selected publications

Journal articles

Books, monographs, reports and case studies

  • Dimson, E., Marsh, P. and Staunton, M. (2023) Credit Suisse global investment returns yearbook 2023. Zurich: Credit Suisse Research Institute.
  • Dimson, E., Marsh, P. and Staunton, M. (2022) Global investment returns yearbook 2022. Zurich: Credit Suisse Research Institute.
  • Horan, S.H., Dimson, E., Emery, C., Blay, K.A., Yelton, G. and Agarwal, A. (2022) ESG investment outcomes, performance evaluation, and attribution. London: CFA Institute Research Foundation.
  • Evans, S., Marsh, P. and Dimson, E. (2021) Numis Smaller Companies Index: 2021 annual review. London: Numis Securities.
  • Dimson, E., Marsh, P. and Staunton, M. (2020) Global investment returns yearbook 2020. Zurich: Credit Suisse Research Institute.
  • Evans, S., Marsh, P. and Dimson, E. (2019) Numis Smaller Companies Index: 2019 annual review. London: Numis Securities.
  • Dimson, E. and Marsh, P. (eds.) (2019) Risk measurement service. London: London Business School.
  • Dimson, E., Marsh, P. and Staunton, M. (2017) Switzerland: a financial market history. Zurich: Credit Suisse Research Institute. (Available online)
  • Chambers, D. and Dimson, E. (eds.) (2016) Financial market history: reflections on the past for investors today. London: CFA Institute Research Foundation.
  • Chambers, D., Dimson, E., Segal, A.I. and Steiner, E. (2016) “The role of real estate: the case of Christ Church College.” Harvard Business School: 9-216-086.
  • Chambers, D., Dimson, E., Viceira, L.M. and Corsi, E. (2016) “Models of endowment management: King’s College, Cambridge.” Harvard Business School: 9-216-023.
  • Viceira, L.M., Chambers, D. and Dimson, E. (2016) “Clare College: seeking investment opportunity in a financial crisis.” Harvard Business School: 9-216-015.
  • Acharya, S. and Dimson, E. (2007) Endowment asset management. Oxford: Oxford University Press.
  • Dimson, E., Marsh, P. and Staunton, M. (2002) Triumph of the optimists. Princeton, NJ: Princeton University Press.

Book chapters

  • Dimson, E. (2023) “A global view and American exceptionalism.” In: Siegel, L.B. and McCaffrey, P. (eds.) Revisiting the equity risk premium. Charlottesville, VA: CFA Institute Research Foundation, pp.7-11
  • Atta-Darkua, V. and Dimson, E. (2018) “Diversifisering på tvers av industrisektorer [Sector exclusion].” In: Thøgersen, Ø. (ed.) Energiaksjer i Statens pensjonsfond utland [Energy shares in the Government Pension Fund Global]. Oslo: Norwegian Ministry of Finance, pp.117–134 (Available online)
  • Dimson, E., Marsh, P. and Staunton, M. (2018) “The evolution of equity markets.” In: Faber, M. and Remsburg, J. (eds.) The best investment writing: selected writing from leading investors and authors: vol.2. Petersfield: Harriman House, pp.5-12
  • Dimson, E., Marsh, P. and Staunton, M. (2017) “Five factors that influence investment returns.” In: Parker, C. (ed.) Harriman’s new book of investing rules. Petersfield: Harriman House, pp.215–220
  • Dimson, E., Marsh, P. and Staunton, M. (2016) “Long-term asset returns.” In: Chambers, D. and Dimson, E. (eds.) Financial market history: reflections on the past for investors today. Charlottesville, VA: CFA Institute Research Foundation, pp.2-26
  • Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes, King’s and endowment asset management.” In: Brown, J.R. and Hoxby, C.M. (eds.) How the financial crisis and great recession affected higher education: National Bureau of Economic Research Conference Report. Chicago, IL: University of Chicago Press, pp.127-150
  • Dimson, E. and Spaenjers, C. (2014) “The investment performance of art and other collectibles.” In: Dempster, A.M. (ed.) Risk and uncertainty in the art world. London: Bloomsbury Publishing, pp.219-238
  • Dimson, E., Marsh, P. and Staunton, M. (2008) “The worldwide equity risk premium: a smaller puzzle.” In: Mehra, R. (ed.) Handbook of the equity risk premium. Amsterdam: Elsevier.

Awards and honours

  • Best Research Paper (for “Coordinated engagements” with Oguzhan Karakas and Xi Li), Brandes Institute, 2021
  • Among top luminaries in Investment Luminaries and their Insights, CFA Institute Research Foundation, 2021
  • Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “Factor-based investing: the long-term evidence” (with Paul Marsh and Mike Staunton), 2018
  • The University of Cambridge Vice-Chancellor’s Impact Award, 2017
  • Savvy Investor Best Investment Paper for Financial Market History, 2017
  • FIR-PRI Award for Best Published Paper on Sustainability, 2016
  • Graham and Dodd Best Perspectives Award, Financial Analysts Journal, 2015
  • aCIO Top 10 Most Influential Academics in Institutional Investing, 2013
  • Best Paper Award from AAWE for “The price of wine” (with Christophe Spaenjers), 2013
  • Moskowitz Prize for Best Paper in 2012-13 for “Active ownership” (with Oguzhan Karakas and Xi Li), 2013

News and insights

A business man walks outside the New York stock exchange in New York City.

Annual UBS Investment Returns Yearbook, co-authored by Professor Elroy Dimson of Cambridge Judge Business School, finds that Japan, Canada, Germany, Australia and other nations have lost stock market share to the US.

Room with bookshelves full of reading materials and a comfy armchair to read in.

Three Cambridge Judge faculty – Lucio Sarno, Raghavenda Rau and Elroy Dimson – are cited in study as among the most prolific authors of papers in top finance journals.

A man leans back and looks up at a large percentage sign that casts its shadow and towers above him.

Inflation hit decades-long highs in 2022, and easing is historically very slow from such levels, says new report co-authored by Elroy Dimson of Cambridge Judge Business School.

Media coverage

Financial Times | 7 July 2023

Bond bull markets: lessons from the past

A book by Elroy Dimson, Professor of Finance at Cambridge Judge Business School, is described as “invaluable” in this FT article about risk in fixed-income markets. 

Advisor Perspectives | 29 June 2023

ESG investors improve corporate behavior

A study co-authored by Professor Elroy Dimson is featured in this article about how those who invest in stocks with positive environmental, social and governance (ESG) scores have improved the behaviour of those companies.. 

IR Magazine | 28 June 2023

Debunking media myths over ESG

References Professor Elroy Dimson’s study of one of the top engagement firms in the industry, which found that successful engagements led to positive stock market reactions.

The Economist, 21 June 2023
Inflation is as corrosive to investing as it is to the real economy

The Economist, 12 May 2023
Why commodities shine in a time of stagflation

The Economist, 26 April 2023
Five books on the best approaches to being an investor

City Wire, 3 March 2023
Credit Suisse’s yearly investment bible in five key charts

Financial Times, 1 March 2023
FTAV’s further reading

Bloomberg, 28 February 2023
Commodity futures as inflation hedge have their moment

Financial Times, 27 February 2023
Warren Buffett defends buybacks

Financial Times, 27 February 2023
Bond rout of 2022 ended ‘golden age’ for fixed income

The Wall Street Journal, 27 February 2023
Markets history 101: it’s time to buy bonds

The Economist, 21 June 2022
How attractively are shares now priced?

Money Week, 15 March 2022
What’s happened to the small-cap effect?

The Times, 8 March 2022
Patrick Hosking – Taking the long view can be a guide to dealing with constant surprises

The Wall Street Journal, 26 February 2022
How to invest calmly in a chaotic world

Financial Times, 25 February 2022
The crisis in Ukraine adds a further dose of uncertainty to markets

The Times, 2 January 2022
Ian Cowie: Five investment reasons to be cheerful

Entrepreneur, 28 October 2021
Seven momentum stocks to buy ASAP

Market Watch, 15 October 2021
Opinion: Why this ETF of ‘sin’ stocks is likely to reward investors with saintly results

Financial Times, 21 July 2021
Beware the siren call of investment advertising

Live Wire, 21 July 2021
Keynes as investor-speculator

Financial Times, 11 July 2021
Equities are the only sensible foundation for private pensions

The Wall Street Journal, 11 May 2021
If inflation is coming, here is what to do about it

Financial Times, 5 May 2021
Lessons in investing from John Maynard Keynes

El Economista, 13 April 2021
Generation Z will earn a third less on their investments in stocks and bonds

Barron’s, 26 March 2021
Here are the stocks to buy now that the easy money has been made

The Economist, 16 March 2021
Young people stand to make dismal returns on their investments

The Telegraph, 8 March 2021
Think you know emerging markets? Think again

Bloomberg, 5 March 2021
Powell needs a stock selloff to act on bond yields

Business Insider, 16 February 2021
Seven stocks to buy to get the most out of more stimulus

The Sunday Times, 14 February 2021
Square Mile wobbles as European share trading goes Dutch

RIA Intel, 11 February 2021
An alternative investment to savor: wine

Investors Chronicle, 11 February 2021
The future is small

Frankfurter Allgemeine, 17 January 2021
Best long-term stocks

Financial Times, 15 December 2020
There is no stock market bubble

The Wall Street Journal, 6 December 2020
Thank the Fed for the stock market’s run

Investment Week, 24 November 2020
From 20 to zero: What is not to love about Chinese equities?

Your Money, 23 October 2020
How to use your savings to make a positive change in the world

MarketWatch, 13 October 2020
Opinion: Ivy League colleges shun Warren Buffett’s advice

Forbes, 3 October 2020
Making ESG (Environmental, Social and Governance) investing effective

WE Wealth, 2 October 2020
Famous collections: Keynes and the art of investing

The Economist, 2 October 2020
Lessons from the endowment model

Bloomberg, 28 September 2020
Endowments’ hedge fund bet has long-term advantage

Forbes, 8 September 2020
Inside the big threat to sustainable investing

The Wall Street Journal, 30 July 2020
What the history of very low interest rates can tell investors

The Telegraph, 22 July 2020
How to invest like… John Maynard Keynes

MarketWatch, 22 June 2020
Opinion: Bulls just won’t believe what interest rates are saying about U.S. stock and bond returns for the next 5 years

The Economist, 28 May 2020
What is the link between inflation and equity returns?

Financial Times, 17 April 2020
Vix ‘fear gauge’ in recovery from Covid-19 shock

Forbes, 12 April 2020
Wider closed-end fund discounts have historically been a good sign, should you bite?

Money Web, 9 April 2020
Investors, fasten your seatbelts!

Financial Times, 1 April 2020
Are ESG and sustainability the new alpha mantra?

Cambridge Independent, 28 February 2020
From Hollywood ‘logic’ to ‘highly institutionalised myths’ of the workplace

CNBC, 28 February 2020
New research going back 120 years backs up Warren Buffett’s simple advice on investing

Bloomberg, 6 February 2020
Invest in art or stocks? Keynes has an answer (well, sort of)

The Times, 31 January 2020
John Maynard Keynes’s art collection yields a stunning return

The Irish Times, 7 January 2020
Can stock markets keep rising in 2020?

Money Observer, 13 November 2019
Woodford saga risks putting investors off smaller companies

The C Suite podcast, 7 November 2019
ESG investing – the practical realities

Funds Europe, 17 September 2019
Inside view: Do investors have to sacrifice returns to invest responsibly?

Market Timing Australia, 18 July 2019
Twelve big takeaways from stock market history

Funds People, 8 July 2019
The paradox of Theseus applied to portfolio management

The Telegraph, 1 May 2019
How to invest like… the co-creator of the FTSE100

The Retirement Café, 30 April 2019
Investing successfully for the long-term

Financial Times, 27 March 2019
Emerging market equities justify their existence

Barron’s, 8 March 2019
This stock market still looks good, even after ten years

Investors Chronicle, 6 March 2019
‘China’s long march of optimism

The Wall Street Journal, 5 March 2019
Trump might not like it, but the dollar should be strong

FT Adviser, 4 March 2019
DFMs’ immaturity problem, the 119-year-old index secret, and an unwelcome surprise

Bloomberg, 28 February 2019
Are China’s stocks outperforming? It’s complicated

Money Marketing, 28 February 2019
Blind optimism, not wars, kills investment returns

Financial Times, 2 February 2019
Climate fight will upheave fund sector, says archbishop

Financial Planning, 22 January 2019
Trump vs Obama: Who had best 2-year stock market gains

Financial Times, 20 January 2019
Aim not what it seems as more groups deliver profit

Moneytalk, 8 January 2019
‘In the long run, equities are the most profitable investment’

Evidence Investor, 22 November 2018
Elroy Dimson on the most important lesson from market history

Barrons, 9 November 2018
Ron Baron says stocks will double in ten years. What’s so special about that?

Financial Times, 21 September 2018
Long-term investing is simple – no matter what the ‘experts’ say

The Wall Street Journal, 10 September 2018
Economic confidence is really high. Perhaps it’s time to sell.

Capital, 15 August 2018
Elroy Dimson: “Anyone can invest like a sovereign wealth fund”

Financial Times, 7 August 2018
Pessimists in the ascendancy

The Wall Street Journal, 26 July 2018
The market isn’t going to save you from saving too little

Arzte Zeitung, 21 July 2018
Wines are excellent assets

Money Week, 15 June 2018
Momentum investing: what it is, why it works and what to buy

The Wall Street Journal, 4 June 2018
A decade later, US stocks behave like Lehman never happened

Business Day, 14 May 2018
Tracker funds can also foster responsible investment practices

The Wall Street Journal, 30 April 2018
The real risk is believing that volatility is risk

Daily Reckoning, 23 April 2018
Investors quit the fag

Seeking Alpha, 9 April 2018
Keynes’ art

Meb Faber Research, 4 April 2018
High valuations don’t necessarily mean asset prices will collapse

The Wall Street Journal, 30 March 2018
What it takes to build a $100 million art collection

Daily Mail, 23 February 2018
Buying a house might not be the best bet for returns

The Wall Street Journal, 23 February 2018
Stocks are probably overpriced, but don’t be too sure

The Economist, 22 February 2018
Why low returns are inevitable

Financial Times, 21 February 2018
Gold, violins and wine don’t cut it as a rival to stocks

Financial Planning, 19 January 2018
Trump vs. Obama: Who had best first year stock market gains?

Seeking Alpha, 28 December 2017
Financial market history can help today’s investors

Money Week, 30 November 2017
Where to find the hottest growth stocks

Financial Times, 29 November 2017
Tulip bulbs vs bitcoin: a bubble comparison

Cambridge Business Magazine, 1 August 2017
Five key ‘factors’ in factor investing

Business Weekly, 14 July 2017
University honours new Cambridge ideas changing the world

Globe Advisor, 6 July 2017
How to brace yourself for the inevitable stock-market crash

Cambridge Business Magazine, 1 July 2017
Economists look for ‘pragmatic’ approach to corporate tax reform

Neue Zürcher Zeitung, 29 June 2017
Switzerland as a financial giant

Ignites Europe, 24 May 2017
Selector raises concerns with multifactor smart beta funds

Cambridge Business Magazine, 1 April 2017
Don’t panic!

Financial Times, 18 March 2017
Theorist who honed how best to price traded assets

The Economist, 18 March 2017
Do smart-beta investment funds work?

Global Investor Magazine, 14 March 2017
Judgement day for smart beta

Financial Times, 9 March 2017
Popular ‘smart beta’ strategies reveal their true value in trial

The Economist, 2 March 2017
Interest rates and investment returns

Financial Times, 28 February 2017
Trump reflation trade goes global

Yahoo Finance, 24 February 2017
America’s stock market was dominated by one industry in 1900

Financial Times, 11 February 2017
The importance of bubbles that did not burst

The Economist, 8 February 2017
Bubbles are rarer than you think

ESG Magazine, 1 December 2016
The 2016 winners

The Daily Telegraph, 15 November 2016
How to invest like… Norway’s oil fund

Financial Times, 9 November 2016
Donald Trump and the bonfire of the certainties

Financial Times, 27 October 2016
Getting ‘engaged’ offers path to salvation for active managers

Financial Times, 26 October 2016
Ethical investing’s rebranding is actually one of substance

The Economist, 13 August 2016
Back in fashion: Emerging markets are popular with investors again

The Wall Street Journal, 14 July 2016
The new abnormal: coping with weirdness in bonds

The Wall Street Journal, 27 June 2016
The more it hurts, the more you make it: Investing after Brexit

Cambridge News, 15 March 2016
Keynes and the US universities’ money

The Financial, 10 March 2016
Finance experts receive Graham & Dodd Award

Cambridge Business Magazine, 1 March 2016
Markets ‘kind’ to midcaps along with microcaps

Financial Times, 17 February 2016
Rising interest rates are bad for stocks

Investors Chronicle, 10 February 2016
Three charts to explain rate rises, asset prices and Yellen’s dilemma

Arts and Collections International, 2 February 2016
Art investment: Risk and reward

The Economist, 23 January 2016
Watch what they pay

Financial Times, 18 January 2016
US equities: Patience needed for volatile US small-caps

Financial Times, 15 January 2016
Small-caps outperform the FTSE yet again

Financial Times, 16 December 2015
Climate talks mark turning point for investors

Financial Times, 11 December 2015
Bordeaux wine is for investing, not just for drinking

Financial Times, 11 December 2015
Wine is a fine investment

IRRC Institute, 10 December 2015
Winners of 2015 IRRC Institute Research Award challenge conventional wisdom on fossil fuel divestment; influence of passive investors

The Economist, 21 November 2015
Many unhappy returns

Cambridge Business Magazine, 1 October 2015
Keynes’ role as an investor chronicled

The Huffington Post, 18 June 2015
A framework for responsible investing

The Economist, 10 June 2015
Who low rates are not good for equity returns

Financial Times, 22 February 2015
The wages of sin is outperformance for investors

CPI Financial, 11 February 2015
Credit Suisse research shows established industries often beat new technology

The Sydney Morning Herald, 11 February 2015
Vice stocks yield higher returns than ethical stocks

South China Monitoring Post, 11 February 2015
Tobacco glowing example that old industries are a better investment

Financial Times, 10 February 2015
Sin stock pay as alcohol and cigarettes beat sober rivals

The Wall Street Journal, 10 February 2015
How sectors make or break investors

Cambridge Network, 20 January 2015
Review of UK small-cap returns

Reuters, 31 December 2014
Saft on wealth: drink, don’t hold, fine wine

Cambridge Network, 15 December 2014
The Cambridge – Oslo connection

Financial Times, 5 September 2014
How to see into the future

Climateer Investing, 19 July 2014
Research reveals that wine outperformed art, stamps and bonds throughout the 20th century

Financial Advisor, 2 June 2014
Keynes’ way to wealth

Financial Times, 23 May 2014
Fine wine’s asset value is not just a matter of taste

Every Investor, 21 May 2014
Investing in wine produces heady returns

The Daily Telegraph, 20 May 2014
The best investment of the 20th century? Red wine

Reuters, 20 May 2014
Forget the bonds and get a glass – red wine is a winner in 20th century

New York Times, 16 May 2014
Some wines are worth not drinking

British Academy, 30 April 2014
Understanding financial markets: Research, practice and policy

New York Times, 10 February 2014
John Maynard Keynes’ own portfolio not too dismal

British Airways Business Life, 10 December 2013
What can we learn from macroeconomics pioneer John Keynes’ slow start

The Daily Telegraph, 26 October 2013
How to invest like… J. Maynard Keynes

Value Walk, 23 September 2013
Why Keynes gave up market timing

Financial Times, 24 August 2013
A lesson from the other ‘sage’ of investing

PR Newswire, 25 April 2013
Major new responsible investing study sought for 2013 Moskowitz Prize recognition

Financial Times, 10 March 2013
Active ownership offers win-win strategy

Pensions & Investments, 18 February 2013
AQR managing director nabs 2 prizes

Pensions & Investments, 29 October 2012
Moskowitz prize winners show corporate SRI engagements pay off

Pensions & Investments, 4 October 2012
Three receive Moskowitz Prize for study of corporate SRI engagements

The Psy-Fi Blog, 3 October 2012
Keynesian investing: changing facts, changing minds

CIO, 3 October 2012
Endowment investors might learn a lot from Keynes

BBC2, 17 September 2012
Keynes investment strategy

Harvard Law School Forum, 10 September 2012
Ownership dispersion and the London Stock Exchange’s “Two-thirds rule”

Financial Times, 22 August 2012
Keynes, the hedge fund pioneer

The Financial Times, 19 August 2012
Investment – Norway’s nest egg