" the real return on stocks and bonds from
1793 through 1942 was almost identical (McQuarrie 2020b). Up to that point it had been a horse race, with sometimes stock investors ahead, sometimes bond investors—a quite different picture
than seen in Siegel (2014).

From 1946-1968 stocks so smoked bonds that bonds will never catch up when any time frame includes that two decade period. But before that, stocks and bonds were basically equal. After that, stocks did better but with a whole lot more risk.