I wonder how the data would look if we included the last 5y where bond returns were negative and stocks absolutely soared.

This paper is currently not behind the journal paywall. It is the downstream culmination of the work started in "Stock Market Charts Your Never Saw," discussed here at hacker news last year: https://news.ycombinator.com/item?id=34443471. Comments welcome.

I wandered across a summary article of this yesterday on Seeking Alpha (https://seekingalpha.com/article/4660493-bonds-beat-stocks-o...) and meant to come back to it. Thanks for posting! Are you the author?

Searching now, I also see this shorter overview that might be useful for people wondering what this is about: https://www.ft.com/content/3859b6e0-c80e-4f34-98b7-eb528ab9e...

I am the author. Thanks for posting the Financial Times link, it is a nice entry point.