In his book "The Ascent of Money: A Financial History of the World," author Niall Ferguson discusses the long-term performance of stocks compared to bonds. He highlights that, across many countries with available historical data, stocks have significantly outperformed bonds over the last century. This outperformance is quantified as being about five times greater when comparing returns between the two investment types.

Ferguson's analysis suggests that investing in stocks has historically provided greater financial rewards than bonds, despite the risks associated with stock market volatility. This insight into historical investment trends underscores the importance of understanding asset performance over time, especially for long-term financial planning and wealth accumulation.