To commemorate the diamond jubilee of the Teacher Retirement System of Texas, Hewitt EnnisKnupp prepared a capital markets review of financial markets over the past 75 years. Examining the historical performance of stocks and bonds over three separate quarter-century time periods, stocks have out performed bonds in each period. According to the presentation, $1 invested in equities in 1937 would have resulted in $1,457.17 in 2012, compared to $61.39 for $1 invested in fixed income.