World War 1
1914
The Great Depression
1929
World War 2 1939
Oil Shock
1973
.com
burst 2000
GFC
2007
Covid 2020
1911
1921
1931
1941
1951
1961
1971
1981
1991
2001
2011
2021
100000
10000
1000
100
10
1
0
Asian Crisis
1997
Source: Baillie Gifford & Co. Data shown from December 1910 to June 2024. Rebased to 1 at December 1910. Logarithmic scale. 1910-1926. Market value of investments not stated and cannot be deduced. NAV per share calculated on book value and thus probably understated.