[boringg]

Average is not a great way to measure about stock returns - though it helps illustrate your point.

Equity can evaporate -- unlikely US T will though the politicians certainly are trying.

[username332211]

Intuitively it doesn't make sense, but companies can outlast bonds, currencies and indeed the governments that issue them. Daimler-Benz has survived the fall of 3 German governments, the loss of 2 rather large wars and a number of periods of hyper-inflation that accompanied them that'd have made any bond worthless.

We're not there yet, but people do go bankrupt gradually and then suddenly.

[boringg]

Fair but I would say that is by far an exception rather then anywhere close to the norm.