The paper mentions survivorship bias but doesn't talk about markets that went to zero in this period. If you were investing in the last 19th century you'd have

The paper mentions survivorship bias but doesn't talk about markets that went to zero in this period. If you were investing in the last 19th century you'd have had big allocations to China, Russia etc that would have been completely lost as Communist governments nationalized everything. Also its easy to forget that Argentina, Brazil, Southern Africa, Egypt etc were wealthy and growing economies 100 years ago that pretty much went to zero too. Its disappointing this wasn't even hinted at.