Ibbotson

2010 Ibbotson® Risk Premia Over Time Report

Estimates for 1926–2009

The information presented in the 2010 Ibbotson® Risk Premia Over Time Report has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. Morningstar and its affiliated companies expressly disclaim any liability, including incidental or consequential damages, arising from the use of this publication or any errors or omissions that may be contained in it. © 2010 Morningstar. All rights reserved. No part of this publication may be reproduced or used in any other form or by any other means—graphic, electronic, or mechanical, including photocopying, recording, taping, or information storage and retrieval systems—without Morningstar’s prior, written permission. To obtain permission, please call Product Sales or write to the address below. Your request should specify the data or other information you wish to use and the manner in which you wish to use it. In addition, you will need to include copies of any charts, tables, and/or figures that you have created based on that information. There is a $1500 processing fee per request. There may be additional fees depending on your proposed usage. Morningstar, Inc. 22 West Washington St. Chicago, Illinois 60602 Main (312) 696-6000 Product Sales (888) 298-3647 Fax (312) 696-6010 global.morningstar.com/SBBIYearBooks

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Introduction 2

Wealth Indices of Investments in the U.S. Capital Markets (1925-2009) 3

Summary Statistics of Annual Returns (1926-2009) 4 ▪ Basic series` ▪ CRSP size deciles Key Variables in Estimating the Cost of Capital (year-end 2009) 5 Riskless rates, equity risk premia, size premia, size breakpoints Long-Horizon Equity Risk Premia (all historical time periods) 6

Percent per annum arithmetic mean risk premia

Intermediate-Horizon Equity Risk Premia (all historical time periods) 15 Percent per annum arithmetic mean risk premia

Short-Horizon Equity Risk Premia (all historical time periods) 24 Percent per annum arithmetic mean risk premia

Mid-Cap Size Premia (all historical time periods) 33

Percent per annum risk premia

Low-Cap Size Premia (all historical time periods) 42 Percent per annum risk premia

Micro-Cap Size Premia (all historical time periods) 51 Percent per annum risk premia

Introduction

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The 2010 Ibbotson® Risk Premia Over Time report contains data that summarizes the results of the capital markets for 2009, and features variables used to estimate the cost of capital. In addition, Tables A-1 through A-6 allow you to customize your analysis by selecting a particular start and end date for equity and size premia over any historical time period (1926–2009). Each table consists of six pages and cover: ►Long-horizon equity risk premia ►Intermediate-horizon equity risk premia ►Short-horizon equity risk premia ►Mid-cap size premia ►Low-cap size premia ►Micro-cap size premia Reading the Tables The top row of each table indicates the starting year and the left column indicates the ending year. To find any statistic for a given time period, find the intersection of start and end dates. Please note that we have constrained the beta and size premia tables to contain data only for five-year periods or longer. Again, each table consists of six pages of data. Description of Data Long-horizon equity risk premia: Large company stock total returns minus long-term government bond income returns.1 Intermediate-horizon equity risk premia: Large company stock total returns minus intermediate-term government bond income returns.1 Short-horizon equity risk premia: Large company stock total returns minus U.S. Treasury bill total returns.1, 2

Mid-cap equity size premia: Returns in excess of those predicted by beta for the portfolio of stocks represented by the 3-5 deciles of the NYSE Amex and Nasdaq National Market System; current capitalization at or below $5,936 million, but greater than $1,600 million. Low-cap equity size premia: Returns in excess of those predicted by beta for the portfolio of stocks represented by the 6-8 deciles of the NYSE Amex and Nasdaq National Market System; current capitalization at or below $1,600 million, but greater than $431 million. Micro-cap equity size premia: Returns in excess of those predicted by beta for the portfolio of stocks represented by the 9-10 deciles of the NYSE Amex and Nasdaq National Market System; current capitalization below $431 million. For additional information regarding Morningstar’s cost of capital related products, please visit our web site at: global.morningstar.com/DataPublications

1 Expected risk premia are based on the differences of historical annual arithmetic mean return over the period selected. 2 For U.S. Treasury bills, the income return and total return are the same.

Wealth Indices of Investments in the U.S. Capital MarketsYear-end 1925 = $1.00From 1925 to 2009

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Summary Statistics of Annual Returns : Basic Series (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Table 2-1 From 1926 to 2009 Series

Geometric Mean

Arithmetic Mean

Standard Deviation

Large Company Stocks

Total Returns1 9.8 11.8 20.5 Income 4.1 4.1 1.6 Capital Appreciation 5.5 7.4 19.8 Ibbotson Small Company Stocks Total Returns 11.9 16.6 32.8 Mid-Cap Stocks2, 5 Total Returns 10.9 13.7 25.0 Income 3.9 4.0 1.7 Capital Appreciation 6.7 9.5 24.3 Low-Cap Stocks3, 5 Total Returns 11.3 15.2 29.4 Income 3.6 3.6 2.0 Capital Appreciation 7.5 11.4 28.7 Micro-Cap Stocks4, 5 Total Returns 12.1 18.2 39.2 Income 2.5 2.5 1.7 Capital Appreciation 9.5 15.6 38.6 Long-Term Corporate Bonds Total Returns 5.9 6.2 8.3 Long-Term Government Bonds Total Returns 5.4 5.8 9.6 Income 5.1 5.2 2.7 Capital Appreciation 0.1 0.4 8.4 Intermediate-Term Government Bonds Total Returns 5.3 5.5 5.7 Income 4.7 4.7 2.9 Capital Appreciation 0.5 0.6 4.5 Treasury Bills Total Returns 3.7 3.7 3.1 Inflation 3.0 3.1 4.2 1 Total return is equal to the sum of three component returns: income return, capital appreciation return, and reinvestment return. 2 Mid-Cap stocks are represented here by CRSP NYSE/AMEX/NASDAQ deciles 3–5. 3 Low-Cap stocks are represented here by CRSP NYSE/AMEX/NASDAQ deciles 6–8. 4 Micro-Cap stocks are represented here by CRSP NYSE/AMEX/NASDAQ deciles 9–10. 5 Source: Calculated (or Derived) based on data from CRSP US Stock Database and CRSP US Indices Database ©2010 Center for Research in Security Prices (CRSP®), The University of Chicago Booth School of Business. Used with permission.

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Key Variables in Estimating the Cost of Capital 2010 Ibbotson SBBI Valuation Yearbook: Appendix C, Table C-1 As of December 31, 2009 Yields (Riskless Rates) Long-term (20-year) U.S. Treasury Coupon Bond Yield 1 4.6% Equity Risk Premium Long-horizon expected equity risk premium (historical): Large company stock total returns minus long-term government bond income returns 2 6.7% Long-horizon expected equity risk premium (supply side): Historical equity risk premium minus price-to-earnings ratio calculated using three-year average earnings 3 5.2% Size Premia (market capitalization in millions) 4

DecileSmallestCompany

LargestCompany

Size Premium(Return in

Excess of CAPM)

Mid-Cap (3–5) $1,602.429 – $5,936.147 1.08%Low-Cap (6–8) 432.175 – 1,600.169 1.85Micro-Cap (9–10) 1.007 – 431.256 3.99

Breakdown of Deciles 1–101-Largest 14,692.016 – 329,725.255 -0.372 5,975.836 – 14,691.668 0.743 3,428.570 – 5,936.147 0.854 2,386.985 – 3,414.634 1.155 1,602.429 – 2,384.026 1.696 1,063.333 – 1,600.169 1.737 685.129 – 1,063.308 1.738 432.175 – 684.790 2.499 214.194 – 431.256 2.8510-Smallest 1.007 – 214.111 6.28Breakout of the 10th decile10a 123.536 – 214.111 4.45

10w 169.664 – 214.111 3.8510x 123.536 – 169.497 4.91

10b 1.007 – 123.516 10.0110y 76.075 – 123.516 9.0510z 1.007 – 76.052 12.06

1 Maturity is approximate. 2 Expected risk premium for equities is based on the difference of historical arithmetic mean returns for 1926-2009. Large company stocks are represented by the S&P 500. 3 A supply side equity risk premium estimate was first published in Ibbotson’s 2004 SBBI Valuation Edition Yearbook. 4 Return in excess of CAPM estimation. Mid-Cap stocks are defined here as the aggregate of size-deciles 3–5 of the NYSE/AMEX/NASDAQ; Low-Cap stocks are defined here as the aggregate of size-deciles 6–8 of the NYSE/AMEX/NASDAQ; Micro-Cap stocks are defined here as the aggregate of size-deciles 9–10 of the NYSE/AMEX/NASDAQ. The betas used in CAPM estimation were estimated from CRSP NYSE/AMEX/NASDAQ decile portfolio monthly total returns in excess of the 30-day U.S. Treasury bill total return versus the S&P 500 total returns in excess of the 30-day U.S. Treasury bill, January 1926–December 2009. Source: Calculated (or derived) based on data from CRSP US Stock Database and CRSP US Indices Database ©2010 Center for Research in Security Prices (CRSP®), The University of Chicago Booth School of Business. Used with permission.

Long-Horizon Equity Risk Premia* (in percent)2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1

End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 19401926 7.91927 21.0 34.11928 27.5 37.2 40.41929 17.6 20.9 14.3 -11.91930 8.5 8.6 0.1 -20.1 -28.21931 -0.7 -2.5 -11.6 -28.9 -37.4 -46.71932 -2.3 -4.0 -11.7 -24.7 -28.9 -29.3 -11.91933 4.3 3.8 -1.2 -9.6 -9.0 -2.6 19.5 50.91934 3.3 2.8 -1.7 -8.7 -8.1 -3.1 11.5 23.1 -4.61935 7.5 7.4 4.1 -1.1 0.7 6.5 19.8 30.4 20.1 44.91936 9.6 9.8 7.1 3.0 5.1 10.6 22.1 30.6 23.8 38.0 31.11937 5.7 5.5 2.6 -1.6 -0.3 3.7 12.1 16.9 8.4 12.8 -3.3 -37.71938 7.4 7.4 5.0 1.4 2.9 6.8 14.5 18.8 12.4 16.7 7.3 -4.6 28.51939 6.7 6.6 4.3 1.1 2.3 5.7 12.3 15.7 9.9 12.8 4.8 -4.0 12.8 -2.81940 5.5 5.3 3.1 0.0 1.0 4.0 9.6 12.3 6.8 8.7 1.4 -6.0 4.6 -7.4 -12.01941 4.3 4.0 1.9 -1.1 -0.2 2.4 7.3 9.4 4.2 5.5 -1.1 -7.5 0.0 -9.5 -12.81942 5.1 4.9 3.0 0.3 1.2 3.7 8.2 10.3 5.7 7.0 1.6 -3.3 3.6 -2.6 -2.61943 6.1 6.0 4.2 1.8 2.8 5.2 9.5 11.5 7.5 8.9 4.4 0.5 6.9 2.6 3.91944 6.7 6.6 5.0 2.8 3.8 6.1 10.1 11.9 8.4 9.7 5.8 2.6 8.4 5.0 6.61945 8.1 8.1 6.6 4.6 5.7 7.9 11.8 13.6 10.5 11.9 8.6 6.1 11.6 9.2 11.21946 7.2 7.2 5.7 3.8 4.7 6.8 10.4 12.0 9.0 10.1 6.9 4.5 9.2 6.8 8.21947 7.0 7.0 5.6 3.8 4.7 6.6 9.9 11.4 8.6 9.6 6.6 4.4 8.6 6.4 7.61948 6.9 6.8 5.5 3.8 4.6 6.4 9.5 10.9 8.2 9.1 6.4 4.3 8.1 6.1 7.11949 7.3 7.2 6.0 4.4 5.2 6.9 9.9 11.2 8.7 9.6 7.1 5.3 8.8 7.0 8.01950 8.2 8.2 7.0 5.5 6.4 8.1 11.0 12.2 10.0 10.9 8.6 7.0 10.4 8.9 10.01951 8.7 8.7 7.6 6.2 7.0 8.7 11.5 12.7 10.6 11.5 9.4 8.0 11.2 9.9 11.01952 8.9 9.0 8.0 6.6 7.4 9.0 11.7 12.9 10.9 11.7 9.8 8.5 11.5 10.3 11.31953 8.5 8.5 7.5 6.2 7.0 8.5 11.0 12.1 10.1 10.9 9.0 7.7 10.6 9.4 10.21954 9.9 10.0 9.1 7.9 8.7 10.2 12.7 13.8 12.0 12.9 11.2 10.1 12.9 11.9 12.91955 10.5 10.6 9.8 8.7 9.4 10.9 13.4 14.4 12.8 13.6 12.1 11.1 13.8 12.9 13.91956 10.3 10.4 9.6 8.5 9.2 10.7 13.0 14.0 12.4 13.2 11.7 10.7 13.2 12.4 13.31957 9.5 9.6 8.8 7.7 8.4 9.7 11.9 12.9 11.3 12.0 10.5 9.5 11.9 11.0 11.71958 10.5 10.5 9.8 8.8 9.5 10.8 13.0 13.9 12.4 13.1 11.8 10.9 13.2 12.4 13.21959 10.4 10.5 9.7 8.7 9.4 10.7 12.8 13.7 12.3 12.9 11.6 10.8 13.0 12.2 13.01960 10.0 10.0 9.3 8.4 9.0 10.2 12.2 13.1 11.7 12.3 11.0 10.2 12.2 11.5 12.21961 10.4 10.4 9.7 8.8 9.4 10.7 12.6 13.4 12.1 12.7 11.5 10.7 12.7 12.0 12.71962 9.7 9.8 9.1 8.2 8.8 9.9 11.8 12.5 11.2 11.8 10.6 9.8 11.7 11.0 11.61963 10.0 10.0 9.4 8.5 9.1 10.2 12.0 12.7 11.5 12.0 10.9 10.1 11.9 11.3 11.91964 10.0 10.1 9.4 8.6 9.2 10.3 12.0 12.7 11.5 12.0 10.9 10.2 12.0 11.3 11.91965 10.0 10.0 9.4 8.6 9.1 10.2 11.9 12.6 11.4 11.9 10.8 10.1 11.8 11.2 11.71966 9.4 9.4 8.8 8.0 8.5 9.5 11.1 11.8 10.6 11.1 10.0 9.3 10.9 10.3 10.81967 9.6 9.7 9.1 8.3 8.8 9.8 11.4 12.0 10.9 11.3 10.3 9.6 11.2 10.6 11.11968 9.5 9.6 9.0 8.2 8.7 9.7 11.2 11.8 10.7 11.2 10.2 9.5 11.0 10.4 10.91969 9.0 9.0 8.4 7.6 8.1 9.1 10.5 11.1 10.0 10.4 9.4 8.8 10.2 9.6 10.01970 8.7 8.7 8.2 7.4 7.9 8.8 10.2 10.8 9.7 10.1 9.1 8.4 9.8 9.2 9.6

*Standard and Poor’s 500 index total returns minus long-term government bond income returns.



End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 19401971 8.7 8.7 8.1 7.4 7.9 8.7 10.1 10.7 9.6 10.0 9.0 8.4 9.8 9.2 9.61972 8.8 8.8 8.3 7.5 8.0 8.8 10.2 10.7 9.7 10.1 9.2 8.5 9.9 9.3 9.71973 8.2 8.2 7.6 6.9 7.3 8.1 9.4 10.0 8.9 9.3 8.4 7.7 9.0 8.4 8.81974 7.3 7.3 6.7 6.0 6.4 7.2 8.4 8.9 7.9 8.2 7.3 6.6 7.8 7.3 7.61975 7.8 7.8 7.2 6.5 6.9 7.7 8.9 9.4 8.4 8.7 7.8 7.2 8.4 7.9 8.21976 7.9 7.9 7.4 6.7 7.1 7.9 9.1 9.6 8.6 8.9 8.0 7.4 8.6 8.1 8.41977 7.5 7.5 7.0 6.3 6.6 7.4 8.6 9.0 8.1 8.4 7.5 6.9 8.0 7.5 7.81978 7.3 7.3 6.8 6.1 6.5 7.2 8.4 8.8 7.9 8.1 7.3 6.7 7.8 7.3 7.51979 7.4 7.4 6.8 6.2 6.6 7.3 8.4 8.8 7.9 8.2 7.3 6.8 7.9 7.3 7.61980 7.6 7.6 7.1 6.5 6.9 7.6 8.7 9.1 8.2 8.5 7.7 7.2 8.2 7.7 8.01981 7.2 7.2 6.7 6.1 6.4 7.1 8.2 8.6 7.7 8.0 7.2 6.6 7.6 7.1 7.41982 7.2 7.2 6.7 6.1 6.4 7.1 8.2 8.6 7.7 8.0 7.2 6.7 7.6 7.2 7.41983 7.3 7.3 6.8 6.2 6.6 7.2 8.2 8.6 7.8 8.0 7.3 6.8 7.7 7.3 7.51984 7.1 7.1 6.6 6.0 6.3 7.0 8.0 8.4 7.5 7.8 7.0 6.5 7.5 7.0 7.21985 7.3 7.3 6.9 6.3 6.6 7.2 8.2 8.6 7.8 8.0 7.3 6.8 7.7 7.3 7.51986 7.4 7.4 6.9 6.3 6.6 7.3 8.2 8.6 7.8 8.1 7.3 6.9 7.8 7.3 7.61987 7.2 7.2 6.7 6.2 6.5 7.1 8.0 8.4 7.6 7.9 7.1 6.7 7.6 7.1 7.31988 7.2 7.2 6.8 6.2 6.5 7.1 8.0 8.4 7.6 7.9 7.2 6.7 7.6 7.1 7.31989 7.5 7.4 7.0 6.5 6.8 7.4 8.3 8.7 7.9 8.1 7.4 7.0 7.9 7.5 7.71990 7.2 7.2 6.7 6.2 6.5 7.1 8.0 8.3 7.6 7.8 7.1 6.7 7.5 7.1 7.31991 7.4 7.4 7.0 6.4 6.7 7.3 8.2 8.5 7.8 8.0 7.4 6.9 7.8 7.4 7.61992 7.3 7.3 6.9 6.3 6.6 7.2 8.1 8.4 7.7 7.9 7.3 6.8 7.6 7.2 7.41993 7.2 7.2 6.8 6.3 6.6 7.1 8.0 8.3 7.6 7.8 7.2 6.8 7.6 7.2 7.41994 7.0 7.0 6.6 6.1 6.4 6.9 7.8 8.1 7.4 7.6 7.0 6.5 7.3 6.9 7.11995 7.4 7.4 7.0 6.5 6.7 7.3 8.1 8.4 7.8 8.0 7.3 6.9 7.7 7.4 7.51996 7.5 7.5 7.1 6.6 6.9 7.4 8.3 8.6 7.9 8.1 7.5 7.1 7.9 7.5 7.71997 7.8 7.8 7.4 6.9 7.2 7.7 8.5 8.9 8.2 8.4 7.8 7.4 8.2 7.8 8.01998 8.0 8.0 7.6 7.1 7.4 7.9 8.8 9.1 8.4 8.6 8.1 7.7 8.4 8.1 8.31999 8.1 8.1 7.7 7.3 7.5 8.0 8.9 9.2 8.5 8.7 8.2 7.8 8.5 8.2 8.42000 7.8 7.8 7.4 6.9 7.2 7.7 8.5 8.8 8.2 8.4 7.8 7.4 8.2 7.8 8.02001 7.4 7.4 7.1 6.6 6.9 7.4 8.1 8.4 7.8 8.0 7.4 7.1 7.8 7.4 7.62002 7.0 7.0 6.6 6.1 6.4 6.9 7.6 7.9 7.3 7.5 6.9 6.5 7.2 6.9 7.02003 7.2 7.2 6.8 6.4 6.6 7.1 7.8 8.1 7.5 7.7 7.1 6.8 7.5 7.1 7.32004 7.2 7.2 6.8 6.4 6.6 7.1 7.8 8.1 7.5 7.7 7.1 6.8 7.4 7.1 7.32005 7.1 7.1 6.7 6.3 6.5 7.0 7.7 8.0 7.4 7.6 7.0 6.7 7.3 7.0 7.22006 7.1 7.1 6.8 6.4 6.6 7.0 7.8 8.0 7.4 7.6 7.1 6.7 7.4 7.1 7.22007 7.1 7.0 6.7 6.3 6.5 7.0 7.7 7.9 7.4 7.5 7.0 6.7 7.3 7.0 7.12008 6.5 6.5 6.1 5.7 5.9 6.3 7.0 7.3 6.7 6.9 6.3 6.0 6.6 6.3 6.42009 6.7 6.7 6.3 5.9 6.1 6.6 7.2 7.5 6.9 7.1 6.6 6.2 6.8 6.5 6.7




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

-13.52.2 17.99.3 20.7 23.5

11.3 19.5 20.4 17.315.8 23.2 24.9 25.7 34.111.5 16.5 16.2 13.8 12.0 -10.110.4 14.4 13.7 11.2 9.2 -3.3 3.6

9.5 12.8 11.9 9.6 7.7 -1.1 3.3 3.110.3 13.2 12.6 10.7 9.4 3.3 7.7 9.8 16.512.2 15.0 14.7 13.4 12.8 8.5 13.2 16.4 23.1 29.613.0 15.7 15.5 14.5 14.1 10.7 14.9 17.7 22.6 25.6 21.613.3 15.7 15.5 14.6 14.3 11.4 15.0 17.3 20.9 22.3 18.7 15.712.0 14.1 13.7 12.8 12.3 9.5 12.3 13.8 15.9 15.8 11.2 5.9 -3.814.7 16.8 16.7 16.1 16.0 14.0 17.0 18.9 21.6 22.6 20.8 20.6 23.0 49.815.6 17.7 17.7 17.2 17.2 15.5 18.3 20.2 22.6 23.6 22.4 22.6 24.9 39.3 28.814.9 16.7 16.7 16.1 16.0 14.4 16.9 18.3 20.2 20.8 19.3 18.8 19.6 27.4 16.213.1 14.8 14.6 14.0 13.7 12.0 14.0 15.1 16.4 16.4 14.5 13.3 12.8 17.0 6.114.6 16.3 16.2 15.7 15.6 14.2 16.2 17.3 18.8 19.0 17.7 17.1 17.4 21.6 14.614.3 15.8 15.7 15.2 15.1 13.7 15.6 16.6 17.8 17.9 16.6 16.0 16.0 19.3 13.213.4 14.8 14.6 14.1 13.9 12.6 14.2 15.0 16.0 15.9 14.6 13.8 13.6 16.0 10.413.8 15.2 15.1 14.6 14.4 13.2 14.8 15.6 16.5 16.5 15.3 14.7 14.6 16.9 12.212.6 13.9 13.7 13.2 12.9 11.7 13.1 13.7 14.4 14.3 13.0 12.2 11.9 13.6 9.112.9 14.1 13.9 13.5 13.3 12.1 13.4 14.0 14.7 14.6 13.5 12.8 12.5 14.1 10.212.9 14.0 13.9 13.4 13.2 12.1 13.3 13.9 14.6 14.5 13.4 12.7 12.5 14.0 10.412.7 13.8 13.6 13.2 13.0 11.9 13.1 13.6 14.2 14.1 13.0 12.4 12.2 13.5 10.211.7 12.7 12.4 12.0 11.7 10.7 11.7 12.1 12.6 12.4 11.3 10.6 10.3 11.3 8.111.9 12.9 12.7 12.3 12.1 11.1 12.1 12.5 13.0 12.8 11.8 11.2 10.9 11.9 9.011.7 12.6 12.4 12.0 11.8 10.8 11.8 12.2 12.6 12.4 11.4 10.8 10.5 11.5 8.810.8 11.7 11.4 11.0 10.7 9.8 10.6 10.9 11.3 11.1 10.1 9.4 9.1 9.9 7.210.4 11.2 10.9 10.5 10.2 9.3 10.1 10.3 10.7 10.4 9.4 8.8 8.4 9.1 6.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 195510.3 11.1 10.8 10.4 10.1 9.2 10.0 10.2 10.6 10.3 9.4 8.7 8.4 9.1 6.710.4 11.1 10.9 10.5 10.2 9.4 10.1 10.4 10.7 10.4 9.5 9.0 8.6 9.3 7.0

9.4 10.1 9.9 9.4 9.2 8.3 8.9 9.1 9.4 9.1 8.2 7.6 7.2 7.8 5.58.1 8.8 8.5 8.0 7.7 6.8 7.4 7.6 7.7 7.4 6.5 5.8 5.3 5.8 3.68.7 9.4 9.1 8.7 8.4 7.6 8.2 8.3 8.5 8.2 7.4 6.8 6.4 6.8 4.88.9 9.6 9.3 8.9 8.7 7.8 8.4 8.6 8.8 8.5 7.7 7.1 6.8 7.2 5.38.3 8.9 8.7 8.2 8.0 7.1 7.7 7.8 8.0 7.7 6.9 6.3 5.9 6.3 4.58.1 8.6 8.4 8.0 7.7 6.9 7.4 7.5 7.7 7.4 6.6 6.0 5.7 6.0 4.28.1 8.7 8.4 8.0 7.7 7.0 7.5 7.6 7.8 7.5 6.7 6.2 5.8 6.2 4.48.5 9.0 8.8 8.4 8.2 7.4 7.9 8.1 8.2 7.9 7.2 6.7 6.4 6.8 5.17.9 8.4 8.1 7.7 7.5 6.7 7.2 7.3 7.5 7.2 6.5 6.0 5.6 6.0 4.37.9 8.4 8.1 7.8 7.5 6.8 7.3 7.4 7.5 7.2 6.5 6.0 5.7 6.0 4.58.0 8.5 8.2 7.9 7.6 6.9 7.4 7.5 7.6 7.4 6.7 6.2 5.9 6.2 4.77.7 8.2 7.9 7.5 7.3 6.6 7.0 7.1 7.3 7.0 6.3 5.9 5.6 5.9 4.47.9 8.4 8.2 7.8 7.6 7.0 7.4 7.5 7.6 7.4 6.7 6.3 6.0 6.3 4.98.0 8.5 8.2 7.9 7.7 7.0 7.5 7.5 7.7 7.4 6.8 6.4 6.1 6.4 5.17.8 8.2 8.0 7.7 7.4 6.8 7.2 7.3 7.4 7.2 6.6 6.1 5.9 6.1 4.87.8 8.2 8.0 7.7 7.4 6.8 7.2 7.3 7.4 7.2 6.6 6.2 5.9 6.2 4.98.1 8.5 8.3 8.0 7.8 7.2 7.6 7.7 7.8 7.6 7.0 6.6 6.4 6.7 5.47.7 8.1 7.9 7.6 7.4 6.8 7.1 7.2 7.3 7.1 6.5 6.2 5.9 6.2 5.08.0 8.4 8.2 7.9 7.7 7.1 7.5 7.6 7.7 7.5 6.9 6.6 6.3 6.6 5.47.8 8.2 8.0 7.7 7.5 7.0 7.3 7.4 7.5 7.3 6.8 6.4 6.2 6.4 5.37.7 8.1 7.9 7.6 7.4 6.9 7.2 7.3 7.4 7.2 6.7 6.3 6.1 6.3 5.27.5 7.9 7.7 7.4 7.2 6.6 7.0 7.0 7.1 6.9 6.4 6.1 5.8 6.1 5.07.9 8.3 8.1 7.8 7.6 7.1 7.4 7.5 7.6 7.4 6.9 6.6 6.4 6.6 5.68.0 8.4 8.3 8.0 7.8 7.3 7.6 7.7 7.8 7.6 7.1 6.8 6.6 6.9 5.88.4 8.8 8.6 8.3 8.2 7.7 8.0 8.1 8.2 8.0 7.6 7.3 7.1 7.3 6.38.6 9.0 8.9 8.6 8.4 7.9 8.3 8.4 8.5 8.3 7.9 7.6 7.4 7.7 6.78.7 9.1 9.0 8.7 8.6 8.1 8.4 8.5 8.6 8.5 8.0 7.8 7.6 7.8 6.98.3 8.7 8.5 8.3 8.1 7.7 8.0 8.1 8.2 8.0 7.6 7.3 7.1 7.3 6.47.9 8.3 8.1 7.8 7.7 7.2 7.5 7.6 7.7 7.5 7.1 6.8 6.6 6.8 5.97.3 7.7 7.5 7.2 7.1 6.6 6.9 6.9 7.0 6.8 6.4 6.1 5.9 6.1 5.27.6 7.9 7.8 7.5 7.4 6.9 7.2 7.3 7.3 7.2 6.7 6.4 6.3 6.5 5.67.6 7.9 7.7 7.5 7.3 6.9 7.2 7.2 7.3 7.1 6.7 6.4 6.3 6.5 5.67.5 7.8 7.6 7.4 7.2 6.8 7.0 7.1 7.2 7.0 6.6 6.3 6.1 6.3 5.57.5 7.8 7.7 7.4 7.3 6.8 7.1 7.2 7.2 7.1 6.7 6.4 6.2 6.4 5.67.4 7.7 7.6 7.3 7.2 6.7 7.0 7.1 7.1 7.0 6.6 6.3 6.1 6.3 5.56.7 7.0 6.8 6.6 6.4 6.0 6.2 6.3 6.3 6.2 5.7 5.5 5.3 5.4 4.66.9 7.2 7.1 6.8 6.7 6.2 6.5 6.5 6.6 6.4 6.0 5.8 5.6 5.8 5.0




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

3.6-5.3 -14.29.8 12.9 40.19.3 11.3 24.0 7.96.7 7.5 14.7 2.1 -3.89.4 10.6 16.8 9.1 9.6 23.16.3 6.7 10.9 3.6 2.2 5.2 -12.77.9 8.5 12.2 6.7 6.4 9.7 3.1 18.98.4 9.0 12.3 7.6 7.6 10.4 6.2 15.6 12.38.3 8.9 11.8 7.7 7.7 10.0 6.7 13.2 10.3 8.36.3 6.5 8.8 4.9 4.5 5.9 2.4 6.2 2.0 -3.1 -14.67.4 7.7 9.9 6.5 6.4 7.8 5.3 8.9 6.4 4.4 2.4 19.47.2 7.5 9.5 6.4 6.3 7.5 5.3 8.3 6.2 4.7 3.5 12.5 5.65.7 5.8 7.5 4.5 4.2 5.1 2.8 5.1 2.8 0.8 -1.0 3.5 -4.4 -14.55.1 5.2 6.7 3.9 3.6 4.3 2.2 4.1 1.9 0.2 -1.4 1.9 -3.9 -8.7 -2.9




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

5.3 5.4 6.8 4.2 3.9 4.6 2.8 4.5 2.7 1.3 0.2 3.1 -0.9 -3.1 2.55.7 5.9 7.2 4.9 4.6 5.3 3.7 5.4 3.9 2.8 2.0 4.8 1.9 0.9 6.14.2 4.3 5.4 3.1 2.8 3.3 1.6 3.0 1.4 0.1 -0.9 1.1 -2.0 -3.5 -0.72.2 2.2 3.1 0.8 0.4 0.6 -1.1 -0.1 -1.8 -3.3 -4.5 -3.3 -6.5 -8.5 -7.33.6 3.6 4.6 2.5 2.2 2.6 1.1 2.2 0.8 -0.3 -1.2 0.3 -2.0 -3.1 -1.24.2 4.2 5.2 3.2 3.0 3.4 2.1 3.1 1.9 1.1 0.4 1.9 0.0 -0.7 1.23.3 3.3 4.2 2.3 2.0 2.4 1.1 2.0 0.8 -0.1 -0.8 0.4 -1.5 -2.2 -0.73.1 3.1 4.0 2.1 1.8 2.2 0.9 1.8 0.6 -0.2 -0.9 0.3 -1.4 -2.2 -0.83.4 3.4 4.2 2.5 2.2 2.6 1.4 2.2 1.2 0.5 -0.1 1.0 -0.5 -1.1 0.34.2 4.2 5.0 3.4 3.2 3.5 2.5 3.4 2.5 1.8 1.4 2.6 1.3 0.9 2.33.4 3.4 4.1 2.6 2.3 2.6 1.6 2.3 1.4 0.8 0.3 1.3 0.0 -0.4 0.73.6 3.6 4.3 2.8 2.6 2.8 1.9 2.6 1.8 1.2 0.7 1.7 0.5 0.2 1.33.9 3.9 4.6 3.2 3.0 3.3 2.4 3.1 2.3 1.7 1.4 2.3 1.3 1.0 2.13.5 3.5 4.2 2.8 2.6 2.9 2.0 2.7 1.9 1.4 1.0 1.9 0.9 0.6 1.64.1 4.1 4.8 3.5 3.3 3.6 2.8 3.5 2.8 2.3 2.0 2.9 2.0 1.7 2.74.3 4.3 5.0 3.7 3.5 3.8 3.1 3.7 3.1 2.6 2.4 3.2 2.4 2.2 3.24.1 4.1 4.7 3.5 3.3 3.6 2.8 3.5 2.8 2.4 2.1 2.9 2.1 1.9 2.84.2 4.2 4.8 3.6 3.5 3.7 3.0 3.6 3.0 2.6 2.4 3.1 2.4 2.2 3.14.7 4.8 5.4 4.2 4.1 4.4 3.7 4.3 3.8 3.4 3.2 4.0 3.3 3.2 4.14.3 4.3 4.9 3.8 3.6 3.9 3.2 3.8 3.2 2.9 2.6 3.4 2.7 2.5 3.34.8 4.8 5.4 4.3 4.2 4.5 3.8 4.4 3.9 3.6 3.4 4.1 3.5 3.4 4.24.7 4.7 5.2 4.2 4.1 4.3 3.7 4.3 3.8 3.5 3.3 4.0 3.4 3.3 4.04.6 4.6 5.2 4.2 4.1 4.3 3.7 4.2 3.7 3.4 3.3 3.9 3.3 3.3 4.04.4 4.4 4.9 3.9 3.8 4.0 3.4 3.9 3.5 3.2 3.0 3.6 3.0 2.9 3.65.0 5.0 5.5 4.6 4.5 4.7 4.2 4.7 4.3 4.0 3.9 4.5 4.0 3.9 4.65.3 5.3 5.8 4.9 4.8 5.1 4.6 5.1 4.7 4.4 4.3 4.9 4.4 4.4 5.15.8 5.8 6.3 5.5 5.4 5.7 5.2 5.7 5.3 5.1 5.0 5.6 5.2 5.2 5.96.2 6.2 6.7 5.9 5.9 6.1 5.7 6.2 5.8 5.6 5.5 6.2 5.7 5.7 6.46.4 6.5 7.0 6.1 6.1 6.4 5.9 6.4 6.1 5.9 5.8 6.4 6.0 6.1 6.75.9 6.0 6.4 5.6 5.6 5.8 5.4 5.8 5.5 5.3 5.2 5.8 5.4 5.4 6.05.4 5.4 5.9 5.1 5.0 5.2 4.8 5.2 4.9 4.7 4.6 5.1 4.7 4.7 5.34.7 4.7 5.1 4.3 4.3 4.5 4.0 4.4 4.1 3.8 3.7 4.2 3.8 3.7 4.35.1 5.1 5.6 4.8 4.7 4.9 4.5 4.9 4.5 4.3 4.2 4.8 4.3 4.3 4.95.1 5.1 5.6 4.8 4.7 4.9 4.5 4.9 4.6 4.4 4.3 4.8 4.4 4.4 4.95.0 5.0 5.4 4.7 4.6 4.8 4.4 4.8 4.5 4.3 4.2 4.7 4.3 4.2 4.85.1 5.2 5.6 4.8 4.8 5.0 4.6 5.0 4.6 4.4 4.4 4.8 4.5 4.4 4.95.0 5.1 5.5 4.8 4.7 4.9 4.5 4.9 4.5 4.4 4.3 4.7 4.4 4.3 4.84.2 4.2 4.5 3.8 3.7 3.9 3.5 3.9 3.5 3.3 3.2 3.6 3.2 3.2 3.64.5 4.5 4.9 4.2 4.1 4.3 3.9 4.3 3.9 3.8 3.7 4.1 3.7 3.7 4.1




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

8.010.6 13.1

0.0 -4.0 -21.2-8.5 -13.9 -27.5 -33.7-0.9 -3.1 -8.6 -2.2 29.21.9 0.7 -2.4 3.8 22.6 16.0

-0.4 -1.8 -4.8 -0.7 10.3 0.9 -14.3-0.5 -1.7 -4.2 -0.8 7.4 0.1 -7.8 -1.30.6 -0.3 -2.2 0.9 7.9 2.5 -2.0 4.2 9.82.8 2.2 0.9 4.0 10.3 6.5 4.2 10.3 16.1 22.51.1 0.4 -1.1 1.5 6.5 2.7 0.0 3.6 5.3 3.0 -16.51.6 1.1 -0.1 2.2 6.7 3.5 1.4 4.5 6.0 4.7 -4.2 8.12.5 2.0 1.0 3.2 7.3 4.6 2.9 5.8 7.2 6.6 1.3 10.1 12.21.9 1.4 0.4 2.4 6.0 3.4 1.9 4.2 5.1 4.2 -0.4 4.9 3.4 -5.53.1 2.8 2.0 3.9 7.3 5.1 3.9 6.2 7.3 6.9 3.8 8.8 9.1 7.5 20.53.5 3.2 2.5 4.4 7.5 5.6 4.5 6.6 7.6 7.3 4.7 9.0 9.2 8.2 15.13.2 2.9 2.2 3.9 6.7 4.9 3.9 5.7 6.5 6.0 3.7 7.0 6.8 5.5 9.23.4 3.1 2.5 4.1 6.8 5.1 4.2 5.9 6.6 6.2 4.2 7.1 7.0 5.9 8.84.4 4.2 3.7 5.3 7.9 6.4 5.6 7.3 8.1 7.9 6.3 9.1 9.2 8.8 11.63.7 3.4 2.9 4.3 6.7 5.2 4.4 5.8 6.4 6.1 4.5 6.8 6.7 5.9 7.84.5 4.4 3.9 5.3 7.6 6.2 5.6 7.0 7.7 7.5 6.1 8.4 8.4 7.9 9.94.4 4.2 3.7 5.0 7.2 5.9 5.3 6.6 7.1 6.9 5.6 7.6 7.6 7.1 8.74.3 4.1 3.7 4.9 7.0 5.7 5.1 6.3 6.9 6.6 5.4 7.2 7.2 6.7 8.03.9 3.7 3.3 4.4 6.4 5.2 4.6 5.7 6.1 5.9 4.7 6.3 6.1 5.6 6.74.9 4.8 4.4 5.6 7.5 6.4 5.9 7.0 7.5 7.4 6.3 8.0 8.0 7.6 8.85.4 5.3 5.0 6.1 7.9 6.9 6.4 7.5 8.0 7.9 7.0 8.6 8.6 8.3 9.56.2 6.1 5.8 7.0 8.7 7.8 7.4 8.5 9.0 9.0 8.2 9.7 9.8 9.6 10.86.8 6.7 6.5 7.6 9.3 8.4 8.1 9.2 9.7 9.7 9.0 10.5 10.6 10.5 11.77.1 7.0 6.8 7.9 9.6 8.7 8.4 9.5 10.0 10.0 9.3 10.7 10.9 10.8 11.96.3 6.3 6.0 7.0 8.6 7.8 7.4 8.4 8.8 8.8 8.1 9.4 9.4 9.3 10.25.5 5.5 5.2 6.1 7.6 6.8 6.4 7.3 7.7 7.6 6.9 8.0 8.0 7.8 8.64.5 4.4 4.1 5.0 6.4 5.5 5.1 5.9 6.2 6.0 5.3 6.3 6.2 5.9 6.65.1 5.0 4.7 5.6 7.0 6.2 5.8 6.6 6.9 6.8 6.1 7.1 7.1 6.8 7.55.1 5.0 4.8 5.6 6.9 6.2 5.8 6.6 6.9 6.7 6.1 7.1 7.0 6.8 7.45.0 4.9 4.6 5.4 6.7 6.0 5.6 6.3 6.6 6.5 5.8 6.8 6.7 6.5 7.05.2 5.1 4.8 5.6 6.9 6.1 5.8 6.5 6.8 6.7 6.1 7.0 6.9 6.7 7.25.0 4.9 4.7 5.5 6.7 6.0 5.6 6.3 6.6 6.4 5.9 6.7 6.7 6.4 6.93.8 3.7 3.4 4.1 5.2 4.5 4.2 4.8 5.0 4.8 4.2 4.9 4.8 4.5 4.94.3 4.2 4.0 4.7 5.8 5.1 4.7 5.3 5.5 5.4 4.8 5.6 5.5 5.2 5.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

9.73.5 -2.74.9 2.5 7.69.4 9.3 15.3 22.95.2 4.1 6.4 5.8 -11.38.1 7.8 10.4 11.3 5.5 22.27.0 6.5 8.4 8.5 3.8 11.3 0.46.5 6.0 7.5 7.4 3.6 8.5 1.6 2.95.2 4.6 5.6 5.3 1.8 5.1 -0.7 -1.2 -5.37.6 7.4 8.7 8.8 6.5 10.0 7.0 9.2 12.4 30.08.5 8.4 9.6 9.8 8.0 11.2 9.0 11.1 13.8 23.4 16.8

10.0 10.0 11.3 11.7 10.3 13.4 11.9 14.2 17.1 24.5 21.8 26.711.0 11.1 12.3 12.8 11.7 14.6 13.5 15.6 18.2 24.1 22.1 24.7 22.711.3 11.4 12.6 13.0 12.1 14.7 13.7 15.6 17.7 22.3 20.4 21.6 19.1 15.5

9.5 9.5 10.4 10.7 9.5 11.6 10.5 11.7 13.0 16.0 13.2 12.3 7.5 -0.1 -15.67.8 7.7 8.4 8.5 7.3 9.0 7.7 8.5 9.2 11.2 8.1 6.4 1.3 -5.8 -16.55.7 5.5 6.0 5.9 4.6 5.9 4.5 4.9 5.1 6.4 3.0 0.7 -4.5 -11.3 -20.26.7 6.6 7.1 7.1 6.0 7.3 6.1 6.6 7.0 8.3 5.6 4.0 0.2 -4.3 -9.26.7 6.5 7.1 7.0 6.0 7.2 6.1 6.5 6.9 8.1 5.6 4.2 1.0 -2.6 -6.26.4 6.2 6.7 6.6 5.6 6.7 5.6 6.0 6.3 7.4 5.1 3.8 0.9 -2.2 -5.16.6 6.4 6.9 6.9 5.9 7.0 6.0 6.4 6.7 7.7 5.6 4.5 2.1 -0.5 -2.86.3 6.2 6.6 6.6 5.6 6.6 5.7 6.0 6.2 7.1 5.2 4.2 1.9 -0.4 -2.44.2 4.0 4.3 4.2 3.2 4.0 2.9 3.1 3.1 3.7 1.6 0.4 -2.0 -4.5 -6.75.0 4.8 5.2 5.1 4.2 5.0 4.0 4.2 4.3 5.0 3.2 2.1 0.1 -2.0 -3.7




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date2001 2002 2003 2004 2005 2006 2007 2008 2009

-17.4-22.6 -27.7

-7.1 -1.9 23.9-3.8 0.7 14.9 5.9-3.0 0.6 10.0 3.0 0.2-0.7 2.7 10.3 5.7 5.7 11.1-0.5 2.3 8.3 4.5 4.0 5.9 0.6-5.6 -3.9 0.0 -4.7 -7.4 -9.9 -20.4 -41.4-2.4 -0.6 3.3 -0.1 -1.3 -1.7 -5.9 -9.2 23.0



Intermediate-Horizon Equity Risk Premia* (in percent)2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2

End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 19401926 7.81927 20.9 34.01928 27.3 37.0 40.01929 17.3 20.5 13.7 -12.51930 8.2 8.3 -0.2 -20.3 -28.21931 -0.9 -2.6 -11.8 -29.1 -37.3 -46.51932 -2.5 -4.2 -11.8 -24.7 -28.8 -29.2 -11.81933 4.2 3.7 -1.3 -9.6 -8.8 -2.4 19.7 51.21934 3.3 2.7 -1.7 -8.7 -7.9 -2.9 11.7 23.4 -4.41935 7.5 7.5 4.2 -0.9 1.0 6.8 20.2 30.8 20.6 45.61936 9.8 10.0 7.3 3.2 5.5 11.1 22.6 31.2 24.6 39.1 32.51937 5.9 5.8 2.9 -1.2 0.2 4.3 12.8 17.7 9.3 13.9 -2.0 -36.51938 7.7 7.7 5.3 1.9 3.5 7.4 15.1 19.6 13.3 17.7 8.4 -3.6 29.31939 7.1 7.0 4.7 1.5 2.9 6.4 13.0 16.6 10.8 13.8 5.9 -3.0 13.8 -1.71940 5.9 5.7 3.6 0.5 1.7 4.7 10.4 13.2 7.7 9.8 2.6 -4.9 5.6 -6.2 -10.71941 4.7 4.5 2.4 -0.5 0.5 3.2 8.1 10.3 5.2 6.6 0.1 -6.4 1.2 -8.2 -11.51942 5.6 5.5 3.6 1.0 2.0 4.5 9.2 11.3 6.8 8.2 2.9 -2.0 4.8 -1.3 -1.11943 6.7 6.6 4.9 2.5 3.6 6.0 10.4 12.5 8.6 10.0 5.6 1.7 8.1 3.8 5.21944 7.3 7.2 5.7 3.5 4.6 6.9 11.0 12.9 9.5 10.8 7.0 3.8 9.6 6.3 7.91945 8.7 8.7 7.3 5.4 6.5 8.8 12.8 14.7 11.6 13.1 9.8 7.3 12.8 10.4 12.41946 7.8 7.8 6.4 4.6 5.6 7.7 11.3 13.0 10.0 11.2 8.1 5.6 10.3 8.0 9.31947 7.7 7.7 6.3 4.6 5.5 7.5 10.9 12.4 9.6 10.7 7.8 5.5 9.7 7.6 8.71948 7.5 7.5 6.2 4.5 5.4 7.3 10.5 11.9 9.2 10.2 7.5 5.4 9.2 7.2 8.21949 7.9 7.9 6.7 5.2 6.0 7.8 10.9 12.2 9.8 10.7 8.2 6.3 9.9 8.1 9.11950 8.8 8.9 7.8 6.3 7.2 9.0 11.9 13.2 11.0 11.9 9.7 8.0 11.5 10.0 11.11951 9.3 9.4 8.4 7.0 7.9 9.6 12.4 13.7 11.6 12.5 10.4 9.0 12.2 10.9 12.01952 9.6 9.6 8.7 7.4 8.2 9.9 12.6 13.8 11.8 12.7 10.8 9.4 12.5 11.3 12.31953 9.1 9.2 8.2 6.9 7.7 9.3 11.8 13.0 11.1 11.9 10.0 8.7 11.5 10.3 11.21954 10.6 10.7 9.8 8.6 9.5 11.0 13.5 14.7 13.0 13.8 12.1 11.0 13.8 12.8 13.81955 11.2 11.3 10.5 9.4 10.2 11.8 14.2 15.3 13.7 14.6 13.0 12.0 14.7 13.8 14.81956 10.9 11.0 10.2 9.2 10.0 11.4 13.8 14.8 13.2 14.0 12.5 11.5 14.1 13.2 14.11957 10.1 10.2 9.4 8.4 9.1 10.5 12.7 13.7 12.1 12.8 11.3 10.3 12.7 11.8 12.51958 11.1 11.2 10.4 9.4 10.2 11.6 13.7 14.7 13.2 14.0 12.6 11.7 14.0 13.2 14.01959 11.0 11.1 10.3 9.4 10.1 11.4 13.5 14.4 13.0 13.7 12.4 11.5 13.7 13.0 13.71960 10.5 10.6 9.9 9.0 9.7 10.9 12.9 13.8 12.4 13.0 11.7 10.9 12.9 12.2 12.91961 10.9 11.0 10.3 9.4 10.1 11.3 13.3 14.1 12.8 13.4 12.2 11.4 13.4 12.7 13.31962 10.3 10.3 9.7 8.8 9.4 10.6 12.4 13.2 11.9 12.5 11.3 10.5 12.3 11.6 12.21963 10.5 10.6 9.9 9.1 9.7 10.8 12.6 13.4 12.2 12.7 11.6 10.8 12.6 11.9 12.51964 10.5 10.6 10.0 9.2 9.8 10.9 12.6 13.4 12.2 12.7 11.6 10.8 12.6 12.0 12.51965 10.5 10.6 9.9 9.1 9.7 10.8 12.5 13.2 12.1 12.6 11.5 10.8 12.4 11.8 12.31966 9.9 9.9 9.3 8.5 9.1 10.1 11.7 12.4 11.2 11.7 10.6 9.9 11.5 10.9 11.31967 10.1 10.1 9.5 8.8 9.3 10.3 11.9 12.6 11.5 11.9 10.9 10.2 11.7 11.1 11.61968 10.0 10.0 9.4 8.7 9.2 10.2 11.7 12.4 11.3 11.8 10.7 10.0 11.6 11.0 11.41969 9.4 9.4 8.9 8.1 8.6 9.6 11.0 11.7 10.6 11.0 10.0 9.3 10.7 10.1 10.51970 9.1 9.2 8.6 7.8 8.3 9.2 10.7 11.3 10.2 10.6 9.6 8.9 10.3 9.7 10.1

*Standard and Poor’s 500 index total returns minus intermediate-term government bond income returns.







EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

-12.33.7 19.6

10.6 22.0 24.312.5 20.7 21.3 18.317.0 24.4 26.0 26.8 35.212.7 17.7 17.2 14.8 13.0 -9.211.5 15.5 14.6 12.2 10.2 -2.3 4.510.6 13.8 12.9 10.6 8.6 -0.2 4.2 3.911.3 14.3 13.5 11.7 10.4 4.2 8.6 10.7 17.413.2 16.1 15.6 14.4 13.7 9.4 14.0 17.2 23.9 30.314.0 16.7 16.3 15.3 14.9 11.5 15.6 18.4 23.3 26.2 22.014.2 16.6 16.3 15.4 15.1 12.2 15.7 18.0 21.5 22.8 19.1 16.212.8 14.9 14.5 13.5 13.0 10.2 13.0 14.4 16.5 16.2 11.6 6.3 -3.515.6 17.7 17.6 16.9 16.8 14.7 17.7 19.6 22.2 23.2 21.4 21.2 23.7 51.016.5 18.5 18.4 18.0 17.9 16.2 19.0 20.8 23.2 24.2 23.0 23.2 25.5 40.1 29.115.7 17.5 17.4 16.8 16.7 15.0 17.4 18.9 20.8 21.2 19.7 19.3 20.0 27.9 16.313.9 15.5 15.3 14.6 14.3 12.6 14.6 15.6 16.9 16.8 14.8 13.7 13.1 17.3 6.115.4 17.0 16.8 16.3 16.2 14.7 16.7 17.8 19.2 19.4 18.0 17.5 17.7 21.9 14.715.0 16.5 16.3 15.8 15.6 14.2 16.0 17.0 18.2 18.2 16.9 16.3 16.3 19.6 13.314.0 15.4 15.2 14.7 14.4 13.0 14.6 15.4 16.4 16.3 14.8 14.0 13.8 16.3 10.514.5 15.8 15.6 15.1 14.9 13.7 15.2 16.0 16.9 16.8 15.6 15.0 14.8 17.1 12.313.3 14.5 14.2 13.7 13.4 12.1 13.5 14.1 14.8 14.6 13.3 12.5 12.1 13.9 9.213.5 14.7 14.4 14.0 13.7 12.5 13.8 14.4 15.1 14.9 13.7 13.0 12.7 14.4 10.313.5 14.6 14.4 13.9 13.7 12.5 13.7 14.3 14.9 14.7 13.6 13.0 12.7 14.2 10.513.3 14.3 14.1 13.6 13.4 12.3 13.4 13.9 14.5 14.3 13.3 12.7 12.4 13.7 10.312.2 13.1 12.9 12.4 12.1 11.0 12.0 12.4 12.9 12.6 11.5 10.8 10.4 11.5 8.212.4 13.4 13.1 12.7 12.4 11.4 12.4 12.8 13.2 13.0 12.0 11.3 11.0 12.0 9.012.2 13.1 12.8 12.4 12.1 11.1 12.0 12.4 12.8 12.6 11.6 11.0 10.7 11.6 8.811.2 12.1 11.8 11.3 11.0 10.0 10.9 11.2 11.5 11.2 10.2 9.5 9.1 9.9 7.210.7 11.5 11.3 10.8 10.5 9.5 10.3 10.5 10.8 10.5 9.5 8.8 8.4 9.1 6.5




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 195510.7 11.4 11.2 10.7 10.4 9.5 10.2 10.4 10.7 10.4 9.5 8.8 8.4 9.1 6.610.8 11.5 11.2 10.8 10.5 9.6 10.3 10.5 10.8 10.5 9.6 9.0 8.7 9.3 7.0

9.8 10.5 10.2 9.7 9.4 8.5 9.1 9.3 9.5 9.2 8.3 7.7 7.3 7.8 5.58.5 9.1 8.8 8.3 8.0 7.0 7.6 7.7 7.9 7.5 6.5 5.9 5.4 5.8 3.69.1 9.7 9.4 9.0 8.7 7.8 8.4 8.5 8.7 8.4 7.5 6.9 6.5 6.9 4.89.3 9.9 9.7 9.2 8.9 8.1 8.7 8.8 9.0 8.7 7.8 7.3 6.9 7.3 5.48.7 9.3 9.0 8.5 8.3 7.4 7.9 8.1 8.2 7.9 7.0 6.5 6.1 6.5 4.58.4 9.0 8.7 8.3 8.0 7.1 7.7 7.8 7.9 7.6 6.7 6.2 5.8 6.2 4.38.5 9.0 8.7 8.3 8.0 7.2 7.7 7.8 7.9 7.6 6.8 6.3 5.9 6.3 4.58.8 9.4 9.1 8.7 8.4 7.6 8.1 8.2 8.4 8.1 7.3 6.8 6.5 6.9 5.28.2 8.7 8.4 8.0 7.7 6.9 7.4 7.5 7.6 7.3 6.5 6.0 5.7 6.0 4.38.2 8.7 8.4 8.0 7.7 7.0 7.4 7.5 7.6 7.3 6.6 6.1 5.8 6.1 4.58.3 8.8 8.5 8.1 7.8 7.1 7.6 7.6 7.7 7.5 6.8 6.3 6.0 6.3 4.78.0 8.4 8.2 7.8 7.5 6.8 7.2 7.3 7.4 7.1 6.4 5.9 5.6 5.9 4.48.3 8.7 8.5 8.1 7.8 7.2 7.6 7.7 7.8 7.5 6.8 6.4 6.1 6.4 5.08.3 8.8 8.5 8.2 7.9 7.3 7.7 7.7 7.8 7.6 7.0 6.5 6.2 6.5 5.18.1 8.5 8.3 7.9 7.7 7.0 7.4 7.5 7.6 7.3 6.7 6.3 6.0 6.3 4.98.1 8.5 8.3 7.9 7.7 7.1 7.4 7.5 7.6 7.4 6.7 6.3 6.1 6.3 5.08.4 8.8 8.6 8.3 8.0 7.4 7.8 7.9 8.0 7.7 7.2 6.8 6.5 6.8 5.58.0 8.4 8.2 7.9 7.6 7.0 7.4 7.4 7.5 7.3 6.7 6.3 6.1 6.3 5.18.3 8.7 8.5 8.2 8.0 7.4 7.7 7.8 7.9 7.7 7.1 6.7 6.5 6.8 5.68.2 8.6 8.4 8.0 7.8 7.2 7.6 7.7 7.7 7.5 7.0 6.6 6.4 6.6 5.48.1 8.5 8.3 8.0 7.7 7.2 7.5 7.6 7.7 7.4 6.9 6.6 6.3 6.6 5.47.9 8.2 8.0 7.7 7.5 6.9 7.3 7.3 7.4 7.2 6.6 6.3 6.1 6.3 5.28.3 8.7 8.5 8.2 8.0 7.4 7.7 7.8 7.9 7.7 7.2 6.9 6.6 6.9 5.88.4 8.8 8.6 8.3 8.1 7.6 7.9 8.0 8.1 7.9 7.4 7.1 6.9 7.1 6.18.8 9.1 9.0 8.7 8.5 8.0 8.3 8.4 8.5 8.3 7.8 7.5 7.3 7.6 6.69.0 9.4 9.2 8.9 8.8 8.3 8.6 8.7 8.8 8.6 8.1 7.9 7.7 7.9 6.99.1 9.5 9.3 9.1 8.9 8.4 8.7 8.8 8.9 8.7 8.3 8.0 7.8 8.1 7.18.7 9.1 8.9 8.6 8.5 8.0 8.3 8.4 8.4 8.3 7.8 7.5 7.4 7.6 6.68.3 8.7 8.5 8.2 8.0 7.5 7.8 7.9 8.0 7.8 7.4 7.1 6.9 7.1 6.27.8 8.1 7.9 7.6 7.4 7.0 7.2 7.3 7.4 7.2 6.7 6.4 6.2 6.4 5.58.1 8.4 8.2 7.9 7.8 7.3 7.6 7.6 7.7 7.5 7.1 6.8 6.6 6.8 5.98.0 8.4 8.2 7.9 7.8 7.3 7.6 7.6 7.7 7.5 7.1 6.8 6.6 6.8 5.97.9 8.3 8.1 7.8 7.6 7.2 7.5 7.5 7.6 7.4 7.0 6.7 6.5 6.7 5.88.0 8.3 8.1 7.9 7.7 7.2 7.5 7.6 7.6 7.5 7.1 6.8 6.6 6.8 5.97.9 8.2 8.0 7.8 7.6 7.1 7.4 7.5 7.5 7.4 6.9 6.7 6.5 6.7 5.97.2 7.5 7.3 7.0 6.8 6.4 6.6 6.7 6.7 6.5 6.1 5.9 5.7 5.8 5.07.4 7.7 7.5 7.3 7.1 6.7 6.9 7.0 7.0 6.8 6.5 6.2 6.0 6.2 5.4




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

3.5-5.4 -14.49.9 13.0 40.49.3 11.3 24.1 7.86.7 7.5 14.8 2.1 -3.79.5 10.7 17.0 9.2 9.8 23.36.4 6.8 11.1 3.7 2.4 5.4 -12.58.0 8.6 12.4 6.8 6.6 10.0 3.3 19.18.5 9.1 12.4 7.8 7.8 10.6 6.4 15.8 12.58.4 9.0 11.9 7.8 7.8 10.2 6.9 13.3 10.4 8.36.3 6.6 8.9 5.0 4.6 6.0 2.5 6.2 1.9 -3.3 -15.07.4 7.7 9.9 6.6 6.4 7.8 5.3 8.8 6.2 4.1 2.1 19.17.2 7.5 9.5 6.5 6.3 7.6 5.3 8.3 6.1 4.5 3.2 12.3 5.65.6 5.8 7.5 4.5 4.2 5.0 2.7 4.9 2.6 0.6 -1.4 3.2 -4.8 -15.25.0 5.1 6.6 3.8 3.5 4.2 2.0 3.8 1.7 -0.1 -1.8 1.5 -4.4 -9.4 -3.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

5.2 5.4 6.8 4.2 3.9 4.6 2.7 4.4 2.5 1.1 -0.1 2.9 -1.2 -3.4 2.55.7 5.9 7.2 4.8 4.6 5.3 3.6 5.3 3.7 2.6 1.8 4.6 1.7 0.8 6.14.2 4.3 5.4 3.1 2.8 3.2 1.6 2.8 1.2 0.0 -1.1 0.9 -2.1 -3.6 -0.82.2 2.1 3.1 0.8 0.3 0.6 -1.1 -0.2 -2.0 -3.4 -4.7 -3.4 -6.6 -8.7 -7.43.6 3.6 4.6 2.5 2.2 2.6 1.1 2.1 0.7 -0.4 -1.2 0.3 -2.1 -3.2 -1.24.2 4.3 5.2 3.3 3.0 3.4 2.1 3.2 1.9 1.1 0.4 1.9 0.0 -0.7 1.43.4 3.4 4.3 2.4 2.1 2.4 1.1 2.0 0.8 -0.1 -0.8 0.5 -1.3 -2.1 -0.53.2 3.2 4.0 2.2 1.9 2.2 1.0 1.8 0.7 -0.2 -0.8 0.4 -1.3 -2.0 -0.63.5 3.5 4.3 2.6 2.3 2.6 1.5 2.3 1.2 0.5 -0.1 1.1 -0.4 -1.0 0.54.2 4.2 5.1 3.4 3.2 3.6 2.5 3.4 2.5 1.8 1.4 2.6 1.3 0.9 2.43.4 3.4 4.1 2.5 2.3 2.6 1.5 2.3 1.3 0.7 0.2 1.2 -0.1 -0.5 0.73.6 3.6 4.3 2.8 2.6 2.8 1.9 2.6 1.7 1.1 0.7 1.7 0.5 0.2 1.33.9 3.9 4.6 3.2 3.0 3.3 2.3 3.0 2.2 1.7 1.3 2.3 1.2 1.0 2.13.6 3.6 4.2 2.8 2.6 2.9 2.0 2.7 1.9 1.3 1.0 1.9 0.9 0.6 1.64.2 4.2 4.8 3.5 3.4 3.6 2.8 3.5 2.8 2.3 2.0 2.9 2.0 1.8 2.84.4 4.4 5.0 3.8 3.6 3.9 3.1 3.8 3.1 2.7 2.4 3.3 2.5 2.3 3.34.2 4.2 4.8 3.6 3.4 3.7 2.9 3.5 2.9 2.5 2.2 3.0 2.2 2.1 3.04.3 4.3 4.9 3.7 3.6 3.9 3.1 3.7 3.1 2.7 2.5 3.3 2.5 2.4 3.34.8 4.9 5.5 4.4 4.3 4.5 3.9 4.5 3.9 3.5 3.4 4.1 3.5 3.4 4.34.4 4.4 5.0 3.9 3.7 4.0 3.3 3.9 3.3 3.0 2.8 3.5 2.8 2.7 3.64.9 4.9 5.5 4.5 4.4 4.6 4.0 4.6 4.0 3.7 3.5 4.3 3.7 3.6 4.44.8 4.8 5.4 4.4 4.3 4.5 3.9 4.4 3.9 3.6 3.5 4.2 3.6 3.5 4.34.8 4.8 5.4 4.4 4.3 4.5 3.9 4.5 4.0 3.7 3.5 4.2 3.6 3.5 4.34.6 4.6 5.1 4.1 4.0 4.2 3.7 4.2 3.7 3.4 3.2 3.9 3.3 3.2 4.05.2 5.3 5.8 4.8 4.8 5.0 4.5 5.0 4.5 4.3 4.1 4.8 4.3 4.2 5.05.5 5.6 6.1 5.2 5.1 5.3 4.8 5.3 4.9 4.7 4.6 5.2 4.7 4.7 5.46.0 6.1 6.6 5.7 5.7 5.9 5.4 6.0 5.6 5.4 5.3 5.9 5.5 5.5 6.26.4 6.5 7.0 6.2 6.1 6.4 5.9 6.4 6.1 5.9 5.8 6.5 6.1 6.1 6.86.6 6.7 7.2 6.4 6.4 6.6 6.2 6.7 6.3 6.2 6.1 6.7 6.4 6.4 7.16.2 6.2 6.7 5.9 5.8 6.1 5.6 6.1 5.8 5.6 5.5 6.1 5.7 5.7 6.45.7 5.7 6.2 5.4 5.3 5.5 5.1 5.5 5.2 5.0 4.9 5.5 5.1 5.0 5.75.0 5.0 5.5 4.7 4.6 4.8 4.3 4.7 4.4 4.2 4.1 4.6 4.2 4.1 4.75.4 5.5 5.9 5.1 5.1 5.3 4.8 5.3 4.9 4.7 4.6 5.2 4.8 4.8 5.35.5 5.5 5.9 5.2 5.1 5.3 4.9 5.3 5.0 4.8 4.7 5.2 4.8 4.8 5.45.4 5.4 5.8 5.1 5.0 5.2 4.8 5.2 4.9 4.7 4.6 5.1 4.7 4.7 5.35.5 5.5 5.9 5.2 5.2 5.4 5.0 5.4 5.0 4.9 4.8 5.3 4.9 4.9 5.45.4 5.4 5.8 5.1 5.1 5.3 4.9 5.3 4.9 4.8 4.7 5.2 4.8 4.8 5.34.6 4.6 4.9 4.2 4.2 4.3 3.9 4.3 3.9 3.8 3.6 4.1 3.7 3.7 4.24.9 4.9 5.3 4.6 4.6 4.7 4.3 4.7 4.4 4.2 4.1 4.6 4.2 4.2 4.7




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

8.610.9 13.2

0.2 -4.0 -21.3-8.3 -13.9 -27.5 -33.7-0.7 -3.0 -8.4 -1.9 29.92.3 1.0 -2.1 4.3 23.3 16.80.0 -1.4 -4.4 -0.2 11.0 1.6 -13.7

-0.2 -1.4 -3.9 -0.4 7.9 0.6 -7.5 -1.30.9 0.0 -1.9 1.3 8.3 2.9 -1.8 4.2 9.63.0 2.4 1.0 4.2 10.6 6.7 4.2 10.1 15.8 22.01.1 0.4 -1.1 1.5 6.5 2.6 -0.3 3.1 4.5 2.0 -17.91.7 1.1 -0.1 2.3 6.8 3.5 1.2 4.2 5.6 4.3 -4.6 8.72.6 2.1 1.0 3.3 7.4 4.6 2.8 5.6 6.9 6.2 1.0 10.5 12.22.0 1.5 0.5 2.5 6.1 3.5 1.8 4.0 4.9 3.9 -0.6 5.2 3.4 -5.43.3 2.9 2.1 4.1 7.5 5.3 4.0 6.2 7.2 6.8 3.8 9.2 9.4 8.0 21.43.8 3.4 2.7 4.6 7.8 5.8 4.7 6.7 7.7 7.4 5.0 9.6 9.8 9.0 16.23.4 3.1 2.4 4.1 7.0 5.1 4.0 5.8 6.6 6.2 4.0 7.6 7.4 6.2 10.13.7 3.4 2.8 4.4 7.1 5.4 4.4 6.0 6.8 6.5 4.5 7.7 7.6 6.6 9.64.7 4.5 4.0 5.6 8.2 6.6 5.8 7.5 8.3 8.1 6.6 9.7 9.8 9.4 12.43.9 3.7 3.1 4.6 7.0 5.4 4.6 6.0 6.6 6.4 4.8 7.3 7.2 6.4 8.44.8 4.6 4.2 5.6 7.9 6.5 5.9 7.2 7.9 7.8 6.5 8.9 8.9 8.5 10.54.7 4.5 4.0 5.4 7.5 6.2 5.6 6.9 7.4 7.3 6.0 8.2 8.2 7.7 9.44.7 4.5 4.1 5.3 7.4 6.1 5.5 6.7 7.2 7.1 5.9 7.9 7.8 7.4 8.84.3 4.1 3.7 4.9 6.8 5.6 4.9 6.0 6.5 6.3 5.2 6.9 6.8 6.3 7.55.3 5.2 4.8 6.0 7.9 6.8 6.3 7.4 7.9 7.8 6.9 8.7 8.6 8.3 9.65.8 5.7 5.4 6.5 8.3 7.3 6.8 7.9 8.4 8.4 7.5 9.2 9.3 9.0 10.26.6 6.5 6.2 7.4 9.2 8.2 7.8 8.9 9.4 9.4 8.7 10.3 10.4 10.3 11.57.2 7.1 6.9 8.0 9.8 8.9 8.5 9.6 10.1 10.1 9.5 11.1 11.3 11.2 12.47.5 7.4 7.2 8.3 10.0 9.2 8.8 9.9 10.4 10.4 9.8 11.4 11.5 11.5 12.66.7 6.7 6.4 7.4 9.0 8.2 7.8 8.8 9.2 9.2 8.6 10.0 10.0 9.9 10.96.0 5.9 5.6 6.6 8.1 7.3 6.9 7.7 8.1 8.1 7.4 8.7 8.6 8.5 9.35.0 4.9 4.6 5.5 6.9 6.0 5.6 6.4 6.7 6.6 5.9 7.0 6.9 6.6 7.35.6 5.5 5.3 6.2 7.5 6.7 6.4 7.1 7.5 7.4 6.7 7.9 7.8 7.6 8.35.7 5.6 5.3 6.2 7.5 6.8 6.4 7.1 7.5 7.4 6.8 7.8 7.8 7.6 8.25.5 5.4 5.2 6.0 7.3 6.6 6.2 6.9 7.2 7.1 6.5 7.6 7.5 7.3 7.95.7 5.6 5.4 6.2 7.4 6.7 6.4 7.1 7.4 7.3 6.7 7.7 7.7 7.5 8.15.6 5.5 5.3 6.0 7.2 6.5 6.2 6.9 7.1 7.1 6.5 7.5 7.4 7.2 7.74.4 4.3 4.0 4.7 5.9 5.1 4.8 5.4 5.6 5.4 4.9 5.7 5.6 5.3 5.84.9 4.8 4.6 5.3 6.4 5.7 5.4 6.0 6.2 6.1 5.5 6.4 6.3 6.0 6.5




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

10.94.4 -2.25.7 3.1 8.4

10.1 9.8 15.8 23.25.8 4.5 6.8 6.0 -11.38.7 8.2 10.8 11.7 5.9 23.07.6 7.1 8.9 9.1 4.4 12.2 1.37.2 6.7 8.2 8.2 4.4 9.6 3.0 4.65.9 5.3 6.4 6.0 2.6 6.0 0.4 -0.1 -4.88.4 8.1 9.4 9.6 7.3 11.0 8.0 10.2 13.1 30.99.2 9.0 10.3 10.5 8.7 12.0 9.8 12.0 14.4 24.0 17.1

10.7 10.7 12.0 12.4 11.0 14.2 12.7 15.0 17.6 25.1 22.2 27.211.7 11.7 13.0 13.5 12.4 15.3 14.2 16.4 18.8 24.6 22.6 25.3 23.312.0 12.0 13.2 13.7 12.7 15.4 14.4 16.3 18.3 22.9 20.8 22.1 19.5 15.710.1 10.1 11.0 11.3 10.2 12.3 11.1 12.3 13.5 16.5 13.6 12.7 7.9 0.2 -15.3

8.5 8.3 9.1 9.2 8.0 9.7 8.4 9.2 9.8 11.8 8.7 7.0 1.9 -5.2 -15.76.5 6.2 6.8 6.6 5.4 6.7 5.3 5.7 5.8 7.1 3.7 1.5 -3.7 -10.4 -19.27.5 7.3 7.9 7.9 6.8 8.2 7.0 7.5 7.8 9.2 6.5 4.9 1.2 -3.2 -7.97.5 7.4 7.9 7.9 6.9 8.2 7.0 7.5 7.8 9.0 6.6 5.3 2.1 -1.4 -4.87.2 7.0 7.5 7.5 6.5 7.7 6.6 7.0 7.2 8.3 6.0 4.8 2.0 -1.1 -3.97.4 7.2 7.7 7.7 6.8 7.9 6.9 7.3 7.5 8.5 6.5 5.4 3.0 0.5 -1.77.1 6.9 7.4 7.3 6.5 7.5 6.5 6.9 7.1 8.0 6.0 5.0 2.8 0.5 -1.35.1 4.8 5.1 5.0 4.0 4.9 3.8 4.0 3.9 4.5 2.5 1.3 -1.1 -3.5 -5.65.9 5.7 6.0 5.9 5.0 5.9 5.0 5.2 5.2 5.9 4.1 3.1 1.1 -1.0 -2.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date2001 2002 2003 2004 2005 2006 2007 2008 2009

-16.2-21.1 -26.1

-5.5 -0.1 25.8-2.2 2.5 16.7 7.6-1.6 2.1 11.5 4.3 1.00.6 3.9 11.4 6.6 6.1 11.30.6 3.4 9.3 5.2 4.4 6.2 1.1

-4.4 -2.8 1.1 -3.8 -6.7 -9.2 -19.5 -40.0-1.2 0.6 4.5 0.9 -0.4 -0.8 -4.8 -7.8 24.5



Short-Horizon Equity Risk Premia* (in percent)2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-3

End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 19401926 8.41927 21.4 34.41928 27.6 37.2 40.11929 17.4 20.4 13.4 -13.21930 8.5 8.5 -0.1 -20.2 -27.31931 -0.4 -2.1 -11.2 -28.3 -35.9 -44.41932 -1.6 -3.3 -10.8 -23.5 -27.0 -26.8 -9.21933 5.3 4.9 0.0 -8.1 -6.8 0.0 22.3 53.71934 4.5 4.1 -0.3 -7.0 -5.8 -0.4 14.3 26.0 -1.61935 8.8 8.9 5.7 0.8 3.1 9.2 22.6 33.2 22.9 47.51936 11.1 11.4 8.8 4.9 7.5 13.3 24.8 33.3 26.5 40.6 33.71937 7.2 7.1 4.4 0.4 2.1 6.3 14.8 19.6 11.1 15.3 -0.8 -35.31938 9.1 9.1 6.8 3.5 5.4 9.4 17.1 21.5 15.1 19.3 9.8 -2.1 31.11939 8.4 8.4 6.2 3.2 4.8 8.3 14.9 18.4 12.5 15.3 7.3 -1.5 15.4 -0.41940 7.2 7.1 5.0 2.1 3.5 6.5 12.2 14.9 9.3 11.1 3.9 -3.6 7.0 -5.1 -9.81941 6.0 5.8 3.8 1.0 2.2 4.9 9.8 11.9 6.7 7.9 1.3 -5.2 2.3 -7.3 -10.71942 6.8 6.7 4.9 2.4 3.6 6.1 10.7 12.7 8.2 9.4 4.0 -1.0 5.9 -0.4 -0.51943 7.9 7.8 6.2 3.9 5.1 7.6 12.0 13.9 9.9 11.2 6.7 2.8 9.1 4.8 6.01944 8.5 8.5 7.0 4.9 6.1 8.5 12.6 14.4 10.8 12.0 8.1 4.9 10.6 7.2 8.71945 9.9 9.9 8.6 6.7 8.0 10.3 14.2 16.0 12.9 14.2 10.9 8.3 13.8 11.3 13.31946 9.0 9.0 7.7 5.9 7.0 9.2 12.7 14.3 11.3 12.3 9.1 6.7 11.3 8.9 10.21947 8.8 8.8 7.6 5.9 6.9 8.9 12.3 13.7 10.8 11.8 8.8 6.5 10.7 8.5 9.61948 8.6 8.6 7.4 5.8 6.8 8.7 11.8 13.1 10.4 11.3 8.5 6.4 10.2 8.1 9.01949 9.0 9.0 7.9 6.4 7.3 9.2 12.1 13.4 10.9 11.7 9.1 7.2 10.8 8.9 9.91950 9.9 9.9 8.9 7.5 8.4 10.2 13.1 14.3 12.0 12.9 10.6 8.9 12.3 10.7 11.81951 10.4 10.4 9.4 8.1 9.1 10.8 13.6 14.8 12.6 13.4 11.3 9.8 13.0 11.7 12.71952 10.6 10.7 9.7 8.5 9.4 11.1 13.7 14.9 12.8 13.6 11.6 10.2 13.3 12.0 13.01953 10.1 10.2 9.3 8.0 8.9 10.5 13.0 14.0 12.0 12.8 10.8 9.5 12.3 11.0 11.81954 11.6 11.7 10.8 9.7 10.6 12.2 14.7 15.7 13.9 14.7 13.0 11.8 14.6 13.6 14.51955 12.2 12.3 11.5 10.5 11.4 12.9 15.3 16.4 14.7 15.4 13.8 12.8 15.5 14.5 15.51956 11.9 12.0 11.3 10.2 11.1 12.6 14.8 15.8 14.2 14.9 13.4 12.4 14.9 14.0 14.81957 11.1 11.2 10.4 9.4 10.2 11.6 13.7 14.7 13.0 13.7 12.1 11.1 13.4 12.5 13.21958 12.0 12.1 11.4 10.5 11.3 12.7 14.8 15.7 14.2 14.8 13.4 12.5 14.8 14.0 14.71959 11.9 12.0 11.4 10.4 11.2 12.5 14.6 15.5 14.0 14.6 13.2 12.3 14.5 13.7 14.41960 11.5 11.6 10.9 10.0 10.8 12.1 14.0 14.8 13.4 14.0 12.6 11.7 13.8 13.0 13.61961 11.9 12.0 11.3 10.5 11.2 12.5 14.4 15.2 13.8 14.4 13.1 12.3 14.2 13.5 14.11962 11.3 11.4 10.7 9.8 10.5 11.7 13.5 14.3 12.9 13.4 12.2 11.3 13.2 12.5 13.01963 11.5 11.6 10.9 10.1 10.8 12.0 13.7 14.5 13.1 13.7 12.4 11.7 13.5 12.8 13.31964 11.5 11.6 11.0 10.2 10.9 12.0 13.7 14.4 13.1 13.6 12.5 11.7 13.4 12.8 13.31965 11.5 11.5 10.9 10.1 10.8 11.9 13.5 14.2 13.0 13.5 12.3 11.6 13.3 12.6 13.11966 10.8 10.9 10.3 9.5 10.1 11.1 12.7 13.4 12.2 12.6 11.5 10.7 12.3 11.6 12.11967 11.0 11.1 10.5 9.8 10.4 11.4 12.9 13.6 12.4 12.8 11.7 11.0 12.5 11.9 12.31968 10.9 11.0 10.4 9.7 10.2 11.2 12.7 13.3 12.2 12.6 11.5 10.8 12.3 11.7 12.11969 10.3 10.4 9.8 9.1 9.6 10.6 12.0 12.6 11.4 11.8 10.8 10.1 11.5 10.8 11.21970 10.0 10.1 9.5 8.8 9.3 10.2 11.6 12.2 11.1 11.4 10.4 9.7 11.0 10.4 10.8

*Standard and Poor’s 500 index total returns minus 30-day Treasury bill total returns.

© Copyright 2010Morningstar, Inc. All rights reserved. 24






EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

-11.74.2 20.1

11.3 22.8 25.613.3 21.7 22.5 19.417.9 25.3 27.0 27.8 36.113.5 18.5 18.2 15.7 13.8 -8.412.3 16.3 15.6 13.1 11.0 -1.6 5.211.4 14.7 13.8 11.4 9.4 0.5 4.9 4.712.1 15.0 14.3 12.4 11.1 4.8 9.2 11.2 17.713.9 16.8 16.3 15.0 14.3 9.9 14.5 17.6 24.1 30.514.7 17.3 17.0 16.0 15.5 12.0 16.1 18.9 23.6 26.5 22.514.9 17.3 17.0 16.0 15.6 12.7 16.2 18.4 21.9 23.3 19.6 16.713.5 15.6 15.2 14.2 13.6 10.8 13.5 14.9 16.9 16.7 12.1 6.9 -2.816.2 18.4 18.2 17.6 17.4 15.3 18.3 20.2 22.7 23.7 22.0 21.9 24.5 51.817.2 19.2 19.1 18.6 18.5 16.8 19.6 21.4 23.8 24.8 23.6 23.9 26.3 40.9 30.016.3 18.2 18.1 17.5 17.3 15.6 18.0 19.5 21.3 21.8 20.4 19.9 20.8 28.6 17.014.6 16.2 15.9 15.3 14.9 13.2 15.1 16.1 17.4 17.4 15.5 14.3 13.8 18.0 6.716.1 17.7 17.6 17.0 16.9 15.4 17.4 18.5 19.8 20.1 18.8 18.2 18.5 22.7 15.515.7 17.2 17.1 16.5 16.3 14.9 16.7 17.7 18.9 19.0 17.7 17.1 17.1 20.5 14.214.8 16.2 16.0 15.4 15.2 13.8 15.4 16.1 17.1 17.0 15.7 14.9 14.7 17.2 11.515.3 16.6 16.4 15.9 15.7 14.5 16.0 16.8 17.7 17.7 16.5 15.9 15.8 18.2 13.414.1 15.3 15.1 14.5 14.2 12.9 14.3 14.9 15.6 15.4 14.2 13.4 13.1 14.9 10.314.3 15.5 15.3 14.8 14.5 13.3 14.6 15.2 15.9 15.7 14.6 14.0 13.7 15.4 11.314.3 15.4 15.2 14.7 14.4 13.3 14.5 15.0 15.7 15.6 14.5 13.9 13.6 15.1 11.514.0 15.1 14.9 14.4 14.2 13.1 14.2 14.7 15.3 15.1 14.1 13.5 13.2 14.6 11.212.9 13.9 13.6 13.1 12.8 11.7 12.7 13.1 13.6 13.4 12.3 11.6 11.2 12.3 9.013.2 14.1 13.9 13.4 13.1 12.1 13.1 13.5 13.9 13.7 12.7 12.1 11.8 12.9 9.912.9 13.8 13.6 13.1 12.8 11.8 12.7 13.1 13.5 13.3 12.3 11.7 11.4 12.4 9.611.9 12.8 12.5 12.0 11.7 10.7 11.5 11.8 12.2 11.9 10.9 10.3 9.9 10.7 7.911.5 12.3 12.0 11.5 11.2 10.2 10.9 11.2 11.5 11.2 10.2 9.6 9.2 9.9 7.3




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 195511.4 12.2 11.9 11.4 11.1 10.2 10.9 11.1 11.4 11.1 10.2 9.6 9.2 9.9 7.411.5 12.3 12.0 11.5 11.3 10.3 11.1 11.3 11.6 11.3 10.4 9.9 9.5 10.2 7.910.5 11.2 10.9 10.4 10.1 9.2 9.9 10.0 10.2 9.9 9.0 8.4 8.0 8.6 6.3

9.2 9.8 9.5 9.0 8.6 7.7 8.3 8.4 8.5 8.2 7.2 6.6 6.1 6.5 4.39.8 10.5 10.2 9.7 9.4 8.5 9.1 9.2 9.4 9.1 8.2 7.6 7.2 7.7 5.6

10.1 10.7 10.4 10.0 9.7 8.8 9.4 9.5 9.7 9.4 8.6 8.0 7.7 8.1 6.29.5 10.1 9.8 9.3 9.0 8.2 8.7 8.8 9.0 8.6 7.8 7.3 6.9 7.3 5.49.2 9.8 9.5 9.0 8.7 7.9 8.4 8.5 8.6 8.3 7.5 7.0 6.6 7.0 5.19.2 9.7 9.5 9.0 8.7 7.9 8.4 8.5 8.6 8.3 7.6 7.0 6.7 7.0 5.29.5 10.0 9.8 9.3 9.1 8.3 8.8 8.9 9.0 8.7 8.0 7.5 7.2 7.6 5.98.8 9.3 9.0 8.6 8.3 7.5 8.0 8.0 8.1 7.9 7.1 6.6 6.3 6.6 4.98.8 9.3 9.1 8.6 8.4 7.6 8.1 8.1 8.2 7.9 7.2 6.7 6.4 6.7 5.18.9 9.4 9.2 8.8 8.5 7.8 8.2 8.3 8.4 8.1 7.4 7.0 6.7 7.0 5.48.7 9.1 8.9 8.5 8.2 7.5 7.9 8.0 8.1 7.8 7.1 6.6 6.3 6.6 5.19.0 9.5 9.2 8.8 8.6 7.9 8.3 8.4 8.5 8.2 7.6 7.2 6.9 7.2 5.79.1 9.5 9.3 8.9 8.7 8.0 8.4 8.5 8.6 8.3 7.7 7.3 7.0 7.3 5.98.9 9.3 9.1 8.7 8.5 7.8 8.2 8.3 8.4 8.1 7.5 7.1 6.8 7.1 5.88.9 9.3 9.1 8.7 8.5 7.9 8.3 8.3 8.4 8.2 7.6 7.2 6.9 7.2 5.99.2 9.6 9.4 9.1 8.8 8.2 8.6 8.7 8.8 8.6 8.0 7.6 7.4 7.6 6.48.8 9.2 9.0 8.6 8.4 7.8 8.2 8.2 8.3 8.1 7.5 7.1 6.9 7.1 5.99.1 9.5 9.3 9.0 8.8 8.2 8.5 8.6 8.7 8.5 7.9 7.6 7.3 7.6 6.49.0 9.4 9.2 8.9 8.7 8.1 8.4 8.5 8.6 8.4 7.9 7.5 7.3 7.5 6.49.0 9.4 9.2 8.8 8.6 8.1 8.4 8.5 8.6 8.4 7.8 7.5 7.3 7.5 6.48.8 9.2 8.9 8.6 8.4 7.8 8.2 8.2 8.3 8.1 7.6 7.3 7.0 7.3 6.29.2 9.6 9.4 9.1 8.9 8.3 8.7 8.7 8.8 8.6 8.1 7.8 7.6 7.9 6.89.3 9.7 9.5 9.2 9.0 8.5 8.8 8.9 9.0 8.8 8.4 8.0 7.8 8.1 7.09.7 10.1 9.9 9.6 9.4 8.9 9.2 9.3 9.4 9.2 8.8 8.5 8.3 8.5 7.59.9 10.3 10.1 9.8 9.7 9.2 9.5 9.6 9.7 9.5 9.1 8.8 8.6 8.9 7.9

10.0 10.4 10.2 10.0 9.8 9.3 9.6 9.7 9.8 9.7 9.2 9.0 8.8 9.0 8.19.6 10.0 9.8 9.5 9.3 8.9 9.2 9.2 9.3 9.2 8.7 8.5 8.3 8.5 7.69.2 9.5 9.4 9.1 8.9 8.4 8.7 8.8 8.9 8.7 8.3 8.0 7.8 8.0 7.18.7 9.0 8.8 8.5 8.3 7.9 8.1 8.2 8.3 8.1 7.7 7.4 7.2 7.4 6.59.0 9.3 9.1 8.8 8.7 8.2 8.5 8.5 8.6 8.4 8.0 7.8 7.6 7.8 6.99.0 9.3 9.1 8.9 8.7 8.2 8.5 8.6 8.6 8.5 8.1 7.8 7.6 7.8 6.98.9 9.2 9.0 8.7 8.6 8.1 8.4 8.4 8.5 8.4 7.9 7.7 7.5 7.7 6.88.9 9.2 9.0 8.8 8.6 8.2 8.4 8.5 8.6 8.4 8.0 7.7 7.6 7.8 6.98.8 9.1 8.9 8.7 8.5 8.0 8.3 8.4 8.4 8.3 7.9 7.6 7.5 7.6 6.88.1 8.4 8.2 7.9 7.8 7.3 7.6 7.6 7.6 7.5 7.1 6.8 6.6 6.8 6.08.3 8.6 8.5 8.2 8.0 7.6 7.9 7.9 8.0 7.8 7.4 7.1 7.0 7.1 6.3




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

4.1-4.9 -13.910.7 14.0 41.810.3 12.3 25.4 9.0

7.8 8.7 16.2 3.4 -2.210.6 11.9 18.3 10.5 11.3 24.8

7.4 8.0 12.4 5.0 3.7 6.6 -11.59.0 9.7 13.6 8.0 7.7 11.0 4.1 19.79.4 10.1 13.5 8.8 8.7 11.5 7.1 16.3 12.99.3 9.9 12.9 8.8 8.7 10.9 7.4 13.7 10.7 8.57.1 7.4 9.8 5.8 5.3 6.6 3.0 6.6 2.2 -3.1 -14.88.2 8.6 10.8 7.4 7.2 8.5 5.8 9.2 6.6 4.5 2.5 19.88.0 8.3 10.4 7.2 7.0 8.2 5.8 8.7 6.5 4.8 3.6 12.8 5.96.4 6.5 8.2 5.2 4.8 5.6 3.2 5.3 2.9 0.8 -1.1 3.5 -4.6 -15.15.8 5.9 7.4 4.5 4.1 4.7 2.5 4.3 2.1 0.3 -1.4 2.0 -4.0 -8.9 -2.7




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

6.0 6.1 7.6 4.9 4.6 5.2 3.3 4.9 3.1 1.6 0.5 3.6 -0.5 -2.6 3.66.6 6.7 8.1 5.7 5.4 6.0 4.3 5.9 4.4 3.3 2.6 5.5 2.6 1.8 7.55.0 5.0 6.2 3.9 3.5 3.9 2.2 3.4 1.8 0.6 -0.4 1.6 -1.4 -2.9 0.22.9 2.8 3.8 1.5 1.0 1.2 -0.6 0.3 -1.5 -2.9 -4.2 -2.9 -6.1 -8.1 -6.74.3 4.3 5.4 3.2 2.9 3.2 1.7 2.7 1.2 0.2 -0.7 0.9 -1.4 -2.5 -0.45.0 5.1 6.1 4.1 3.8 4.2 2.8 3.8 2.6 1.7 1.1 2.7 0.8 0.2 2.44.2 4.2 5.2 3.2 2.9 3.2 1.9 2.7 1.5 0.7 0.0 1.3 -0.5 -1.2 0.54.0 4.0 4.9 3.0 2.7 3.0 1.7 2.5 1.4 0.6 0.0 1.2 -0.5 -1.1 0.44.2 4.2 5.0 3.3 3.0 3.3 2.1 2.9 1.8 1.1 0.5 1.7 0.2 -0.3 1.24.9 4.9 5.7 4.1 3.9 4.2 3.1 3.9 3.0 2.3 1.9 3.1 1.8 1.5 3.03.9 3.9 4.7 3.1 2.8 3.0 1.9 2.7 1.7 1.0 0.6 1.6 0.3 -0.1 1.14.2 4.2 4.9 3.4 3.2 3.4 2.4 3.1 2.2 1.6 1.2 2.2 1.0 0.7 1.94.5 4.6 5.3 3.8 3.6 3.8 2.9 3.6 2.8 2.2 1.9 2.9 1.8 1.5 2.74.3 4.3 4.9 3.5 3.3 3.5 2.6 3.3 2.5 1.9 1.6 2.5 1.5 1.2 2.34.9 5.0 5.6 4.3 4.1 4.4 3.5 4.2 3.5 3.0 2.7 3.6 2.8 2.6 3.75.2 5.2 5.9 4.6 4.4 4.7 3.9 4.5 3.8 3.4 3.2 4.1 3.3 3.1 4.25.0 5.0 5.7 4.4 4.3 4.5 3.7 4.3 3.7 3.3 3.0 3.9 3.1 2.9 3.95.2 5.2 5.8 4.6 4.5 4.7 4.0 4.5 3.9 3.6 3.3 4.2 3.4 3.3 4.35.7 5.7 6.4 5.2 5.1 5.3 4.6 5.2 4.7 4.4 4.2 5.0 4.3 4.3 5.25.2 5.3 5.8 4.7 4.6 4.8 4.1 4.7 4.1 3.8 3.6 4.3 3.7 3.6 4.55.8 5.8 6.4 5.3 5.2 5.4 4.8 5.4 4.8 4.5 4.4 5.2 4.6 4.5 5.45.7 5.8 6.3 5.3 5.2 5.4 4.8 5.3 4.8 4.5 4.4 5.1 4.5 4.5 5.35.8 5.8 6.4 5.3 5.2 5.5 4.9 5.4 4.9 4.6 4.5 5.2 4.6 4.6 5.45.5 5.6 6.1 5.1 5.0 5.2 4.6 5.1 4.7 4.4 4.2 4.9 4.4 4.3 5.16.2 6.3 6.8 5.8 5.8 6.0 5.4 5.9 5.5 5.3 5.2 5.9 5.4 5.3 6.16.5 6.5 7.1 6.2 6.1 6.3 5.8 6.3 5.9 5.7 5.6 6.3 5.8 5.8 6.67.0 7.1 7.6 6.7 6.7 6.9 6.4 6.9 6.5 6.3 6.3 7.0 6.5 6.6 7.37.4 7.5 8.0 7.1 7.1 7.3 6.9 7.4 7.0 6.9 6.8 7.5 7.1 7.1 7.97.6 7.7 8.2 7.4 7.3 7.6 7.1 7.6 7.3 7.1 7.1 7.7 7.4 7.4 8.27.1 7.2 7.7 6.8 6.8 7.0 6.6 7.0 6.7 6.5 6.5 7.1 6.7 6.7 7.46.6 6.7 7.1 6.3 6.2 6.5 6.0 6.4 6.1 5.9 5.8 6.4 6.0 6.0 6.76.0 6.0 6.4 5.6 5.6 5.7 5.3 5.7 5.3 5.1 5.0 5.6 5.2 5.2 5.86.4 6.5 6.9 6.1 6.1 6.2 5.8 6.2 5.9 5.7 5.6 6.2 5.8 5.8 6.46.5 6.5 7.0 6.2 6.1 6.3 5.9 6.3 6.0 5.8 5.7 6.3 5.9 5.9 6.56.4 6.4 6.9 6.1 6.0 6.2 5.8 6.2 5.9 5.7 5.6 6.2 5.8 5.8 6.46.5 6.5 6.9 6.2 6.1 6.3 5.9 6.3 6.0 5.8 5.8 6.3 5.9 5.9 6.56.4 6.4 6.8 6.1 6.0 6.2 5.8 6.2 5.9 5.7 5.7 6.2 5.8 5.8 6.45.5 5.5 5.9 5.2 5.1 5.3 4.9 5.2 4.9 4.7 4.6 5.1 4.7 4.7 5.25.9 5.9 6.3 5.6 5.6 5.7 5.3 5.7 5.4 5.2 5.1 5.6 5.2 5.2 5.7




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

9.912.5 15.2

1.2 -3.2 -21.6-7.8 -13.6 -28.0 -34.50.1 -2.4 -8.2 -1.5 31.43.2 1.9 -1.5 5.3 25.1 18.81.0 -0.5 -3.6 0.9 12.7 3.3 -12.30.8 -0.5 -3.1 0.6 9.3 2.0 -6.4 -0.61.6 0.6 -1.5 1.9 9.1 3.5 -1.6 3.8 8.23.6 2.9 1.3 4.6 11.1 7.1 4.2 9.6 14.8 21.31.5 0.6 -1.0 1.6 6.8 2.6 -0.6 2.3 3.3 0.8 -19.62.3 1.6 0.2 2.6 7.3 3.8 1.3 4.1 5.2 4.2 -4.3 11.03.2 2.6 1.4 3.8 8.0 5.1 3.1 5.7 6.9 6.6 1.7 12.4 13.82.7 2.1 1.0 3.1 6.8 4.1 2.3 4.3 5.2 4.6 0.4 7.1 5.1 -3.64.1 3.7 2.8 4.8 8.4 6.1 4.7 6.8 7.9 7.8 5.1 11.3 11.4 10.2 24.04.6 4.3 3.5 5.4 8.7 6.7 5.5 7.4 8.4 8.5 6.3 11.5 11.7 11.0 18.34.3 4.0 3.2 5.0 8.1 6.1 5.0 6.7 7.5 7.4 5.4 9.6 9.3 8.2 12.14.7 4.4 3.7 5.4 8.2 6.4 5.4 7.0 7.8 7.7 6.0 9.7 9.5 8.6 11.65.6 5.4 4.8 6.5 9.2 7.6 6.8 8.4 9.2 9.3 7.9 11.4 11.4 11.0 14.04.8 4.6 4.0 5.5 8.0 6.4 5.5 6.9 7.5 7.4 6.1 8.9 8.6 7.9 9.85.8 5.6 5.1 6.5 9.0 7.6 6.8 8.2 8.8 8.9 7.8 10.5 10.4 10.0 12.05.7 5.5 5.0 6.4 8.7 7.3 6.6 7.9 8.5 8.5 7.5 9.9 9.8 9.4 11.05.8 5.6 5.1 6.5 8.6 7.3 6.7 7.8 8.4 8.4 7.4 9.7 9.6 9.2 10.65.4 5.2 4.8 6.0 8.0 6.8 6.1 7.2 7.7 7.7 6.7 8.7 8.6 8.1 9.36.5 6.3 6.0 7.2 9.2 8.1 7.5 8.6 9.2 9.2 8.4 10.4 10.4 10.1 11.36.9 6.8 6.4 7.7 9.6 8.5 8.0 9.1 9.6 9.7 9.0 10.9 10.9 10.7 11.97.7 7.6 7.3 8.5 10.4 9.4 9.0 10.0 10.6 10.7 10.1 12.0 12.0 11.9 13.18.3 8.2 7.9 9.1 10.9 10.0 9.6 10.7 11.3 11.4 10.9 12.7 12.8 12.7 13.98.5 8.5 8.3 9.4 11.2 10.3 9.9 11.0 11.5 11.7 11.2 12.9 13.0 12.9 14.07.8 7.7 7.4 8.5 10.1 9.3 8.9 9.8 10.3 10.4 9.9 11.4 11.4 11.3 12.27.0 6.9 6.6 7.6 9.2 8.3 7.9 8.8 9.2 9.2 8.6 10.0 10.0 9.8 10.66.0 5.9 5.6 6.6 8.0 7.1 6.7 7.5 7.8 7.8 7.2 8.4 8.3 8.0 8.76.7 6.6 6.3 7.3 8.7 7.9 7.5 8.2 8.6 8.6 8.1 9.3 9.2 9.0 9.76.8 6.7 6.4 7.3 8.7 7.9 7.6 8.3 8.6 8.6 8.1 9.3 9.3 9.0 9.76.6 6.6 6.3 7.2 8.5 7.7 7.4 8.1 8.4 8.4 7.9 9.0 8.9 8.7 9.36.8 6.7 6.4 7.3 8.6 7.8 7.5 8.2 8.5 8.5 8.0 9.1 9.0 8.8 9.46.6 6.5 6.3 7.1 8.3 7.6 7.3 7.9 8.2 8.2 7.7 8.8 8.7 8.5 9.05.4 5.3 5.0 5.8 7.0 6.2 5.8 6.4 6.7 6.6 6.1 7.0 6.9 6.6 7.06.0 5.9 5.6 6.4 7.5 6.8 6.5 7.0 7.3 7.3 6.8 7.7 7.6 7.4 7.8




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

12.56.1 -0.27.5 5.0 10.3

11.5 11.1 16.8 23.37.0 5.6 7.6 6.2 -10.9

10.0 9.5 11.9 12.4 7.0 24.99.1 8.6 10.3 10.3 6.0 14.5 4.18.9 8.4 9.8 9.7 6.3 12.1 5.6 7.27.6 7.0 8.0 7.7 4.5 8.4 2.9 2.3 -2.6

10.1 9.8 11.0 11.1 9.1 13.1 10.2 12.2 14.7 32.010.8 10.6 11.8 12.0 10.3 13.9 11.7 13.6 15.7 24.9 17.812.2 12.2 13.4 13.8 12.6 15.9 14.4 16.5 18.8 25.9 22.9 28.113.1 13.1 14.3 14.8 13.8 16.9 15.8 17.7 19.8 25.4 23.2 25.9 23.713.3 13.4 14.5 14.9 14.1 16.8 15.8 17.5 19.2 23.6 21.5 22.7 20.0 16.411.4 11.4 12.2 12.4 11.4 13.7 12.4 13.4 14.3 17.2 14.2 13.3 8.4 0.7 -15.0

9.7 9.5 10.2 10.2 9.2 11.0 9.6 10.2 10.6 12.5 9.2 7.5 2.3 -4.8 -15.47.8 7.5 8.0 7.8 6.6 8.1 6.6 6.8 6.8 7.9 4.5 2.3 -2.9 -9.5 -18.28.9 8.7 9.2 9.1 8.1 9.6 8.3 8.7 8.9 10.1 7.4 5.9 2.2 -2.1 -6.78.9 8.7 9.2 9.2 8.2 9.6 8.4 8.8 8.9 10.1 7.6 6.4 3.3 -0.1 -3.48.6 8.4 8.8 8.7 7.8 9.1 8.0 8.3 8.3 9.3 7.1 5.9 3.1 0.2 -2.58.7 8.5 8.9 8.9 8.0 9.2 8.2 8.5 8.6 9.5 7.4 6.4 4.0 1.5 -0.68.3 8.1 8.5 8.4 7.6 8.7 7.7 7.9 8.0 8.8 6.9 5.9 3.7 1.4 -0.46.3 6.0 6.3 6.1 5.2 6.1 5.0 5.0 4.9 5.4 3.4 2.2 -0.2 -2.6 -4.77.1 6.9 7.2 7.1 6.3 7.2 6.2 6.3 6.2 6.8 5.0 4.0 2.0 0.1 -1.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date2001 2002 2003 2004 2005 2006 2007 2008 2009

-15.7-19.7 -23.7

-3.9 2.0 27.7-0.5 4.5 18.7 9.70.0 3.9 13.1 5.8 1.91.8 5.3 12.6 7.5 6.5 11.01.7 4.6 10.2 5.9 4.6 5.9 0.8

-3.4 -1.6 2.1 -3.0 -6.2 -8.9 -18.9 -38.6-0.1 1.9 5.6 1.9 0.3 -0.1 -3.8 -6.1 26.4



Mid-Cap Size Premia* (in percent)2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-4

End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 194019261927192819291930 -8.81931 -8.0 -7.51932 -6.6 -5.9 -5.71933 -0.4 1.1 2.7 5.11934 1.1 2.6 4.3 6.7 11.41935 -0.3 1.0 2.2 3.8 7.1 9.51936 -0.4 0.6 1.6 3.0 5.6 7.4 7.31937 -0.5 0.5 1.3 2.5 4.8 6.3 6.2 6.31938 -0.3 0.6 1.4 2.5 4.5 5.7 5.5 5.5 -0.31939 -0.4 0.5 1.2 2.2 4.0 5.0 4.7 4.6 -0.6 -3.21940 0.1 0.9 1.6 2.6 4.2 5.1 4.9 5.0 0.5 -1.5 0.81941 0.4 1.2 1.9 2.8 4.3 5.2 5.0 5.1 1.2 -0.5 1.6 2.71942 0.2 1.0 1.6 2.4 3.8 4.5 4.3 4.3 0.8 -0.7 1.0 1.6 2.11943 0.7 1.4 2.1 2.8 4.1 4.8 4.6 4.6 1.5 0.3 1.9 2.7 3.1 3.51944 1.1 1.7 2.3 3.1 4.3 5.0 4.8 4.7 2.0 1.0 2.5 3.2 3.6 3.9 5.21945 1.8 2.5 3.1 3.8 4.9 5.6 5.4 5.4 3.0 2.3 3.7 4.4 5.0 5.4 7.01946 1.7 2.3 2.9 3.6 4.6 5.2 5.1 5.1 2.8 2.0 3.3 4.0 4.4 4.7 5.81947 1.4 2.0 2.5 3.1 4.1 4.6 4.4 4.4 2.2 1.5 2.6 3.1 3.4 3.6 4.41948 1.1 1.6 2.1 2.7 3.6 4.0 3.8 3.8 1.7 1.0 2.0 2.4 2.6 2.7 3.41949 1.1 1.6 2.0 2.6 3.4 3.9 3.7 3.6 1.7 1.0 1.9 2.3 2.5 2.5 3.21950 0.8 1.3 1.7 2.2 3.0 3.4 3.1 3.0 1.2 0.6 1.4 1.7 1.8 1.8 2.41951 0.4 0.9 1.3 1.7 2.4 2.8 2.5 2.3 0.6 0.1 0.8 1.0 1.1 1.0 1.61952 0.1 0.5 0.9 1.3 1.9 2.2 1.9 1.8 0.2 -0.4 0.2 0.4 0.5 0.4 0.91953 0.1 0.5 0.9 1.3 1.9 2.2 1.9 1.8 0.3 -0.3 0.3 0.5 0.5 0.5 1.01954 0.0 0.4 0.7 1.1 1.6 1.9 1.6 1.5 0.1 -0.3 0.2 0.3 0.4 0.4 1.01955 -0.5 -0.1 0.1 0.4 1.0 1.2 0.9 0.8 -0.5 -0.9 -0.5 -0.4 -0.3 -0.3 0.41956 -0.4 0.0 0.2 0.5 1.0 1.2 1.0 0.9 -0.3 -0.7 -0.3 -0.2 -0.1 0.0 0.71957 -0.4 0.0 0.2 0.5 1.0 1.2 1.0 1.0 -0.2 -0.6 -0.2 -0.2 0.0 0.1 0.71958 -0.1 0.2 0.5 0.7 1.2 1.4 1.2 1.2 0.1 -0.2 0.2 0.2 0.4 0.5 1.21959 0.0 0.3 0.5 0.8 1.2 1.5 1.3 1.2 0.2 -0.1 0.3 0.3 0.5 0.7 1.31960 0.0 0.4 0.6 0.9 1.3 1.5 1.3 1.3 0.4 0.1 0.4 0.5 0.7 0.8 1.41961 0.0 0.3 0.5 0.8 1.2 1.4 1.2 1.2 0.3 0.0 0.4 0.4 0.6 0.7 1.41962 -0.1 0.3 0.5 0.7 1.1 1.3 1.1 1.1 0.2 -0.1 0.2 0.3 0.5 0.5 1.11963 -0.3 0.0 0.2 0.4 0.8 1.0 0.8 0.8 -0.1 -0.4 -0.1 0.0 0.1 0.2 0.71964 -0.3 0.0 0.2 0.4 0.8 1.0 0.8 0.8 -0.1 -0.3 0.0 0.0 0.1 0.2 0.71965 0.0 0.3 0.5 0.7 1.1 1.3 1.1 1.1 0.3 0.1 0.4 0.4 0.6 0.7 1.21966 0.2 0.5 0.7 0.9 1.2 1.4 1.3 1.3 0.5 0.3 0.6 0.6 0.8 0.9 1.31967 0.5 0.8 1.0 1.2 1.6 1.8 1.6 1.6 0.9 0.7 1.0 1.0 1.2 1.3 1.81968 0.7 1.0 1.2 1.4 1.8 1.9 1.8 1.8 1.1 0.9 1.2 1.3 1.4 1.6 2.01969 0.6 0.8 1.0 1.2 1.6 1.8 1.6 1.6 0.9 0.7 1.0 1.0 1.2 1.3 1.71970 0.4 0.7 0.9 1.1 1.4 1.6 1.4 1.4 0.7 0.5 0.7 0.8 0.9 0.9 1.3

*Beta and equity risk premium estimated using the Standard and Poor’s 500 index.



End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 19401971 0.5 0.8 1.0 1.2 1.5 1.7 1.5 1.5 0.8 0.6 0.9 0.9 1.0 1.1 1.41972 0.3 0.5 0.7 0.9 1.2 1.3 1.2 1.2 0.5 0.3 0.5 0.6 0.7 0.7 1.01973 0.0 0.3 0.4 0.6 0.9 1.1 0.9 0.9 0.1 -0.1 0.2 0.2 0.3 0.3 0.51974 0.2 0.5 0.6 0.8 1.1 1.3 1.1 1.1 0.4 0.2 0.4 0.5 0.6 0.6 0.81975 0.5 0.7 0.9 1.1 1.4 1.6 1.4 1.4 0.7 0.5 0.8 0.8 0.9 0.9 1.21976 0.8 1.0 1.2 1.4 1.7 1.8 1.7 1.7 1.0 0.8 1.1 1.1 1.2 1.3 1.51977 1.0 1.2 1.4 1.6 1.9 2.1 2.0 2.0 1.3 1.1 1.4 1.4 1.5 1.6 1.81978 1.1 1.3 1.5 1.7 2.0 2.1 2.0 2.0 1.4 1.2 1.4 1.5 1.6 1.6 1.81979 1.3 1.5 1.7 1.9 2.2 2.3 2.2 2.2 1.6 1.4 1.7 1.8 1.9 1.9 2.11980 1.2 1.4 1.6 1.8 2.0 2.2 2.1 2.1 1.5 1.3 1.6 1.6 1.7 1.8 2.01981 1.4 1.6 1.8 1.9 2.2 2.4 2.3 2.3 1.7 1.5 1.8 1.9 2.0 2.0 2.21982 1.4 1.6 1.8 1.9 2.2 2.4 2.3 2.3 1.7 1.6 1.8 1.9 2.0 2.0 2.21983 1.4 1.6 1.8 2.0 2.2 2.4 2.3 2.3 1.7 1.6 1.8 1.9 2.0 2.0 2.21984 1.3 1.5 1.6 1.8 2.1 2.2 2.1 2.1 1.6 1.4 1.6 1.7 1.8 1.8 2.01985 1.2 1.4 1.5 1.7 2.0 2.1 2.0 2.0 1.5 1.3 1.5 1.6 1.7 1.7 1.91986 1.1 1.3 1.5 1.6 1.9 2.0 1.9 1.9 1.4 1.3 1.5 1.5 1.6 1.6 1.81987 1.1 1.3 1.4 1.6 1.8 1.9 1.9 1.9 1.4 1.2 1.4 1.5 1.6 1.6 1.71988 1.1 1.3 1.5 1.6 1.9 2.3 1.9 1.9 1.4 1.3 1.5 1.5 1.6 1.6 1.81989 1.0 1.2 1.3 1.4 1.7 1.8 1.7 1.7 1.3 1.1 1.3 1.3 1.4 1.5 1.61990 0.9 1.0 1.2 1.3 1.5 1.7 1.6 1.6 1.1 1.0 1.1 1.2 1.3 1.3 1.41991 1.0 1.2 1.3 1.4 1.7 1.8 1.7 1.7 1.2 1.1 1.3 1.3 1.4 1.4 1.61992 1.1 1.3 1.4 1.5 1.8 1.9 1.8 1.8 1.4 1.2 1.4 1.5 1.6 1.6 1.71993 1.2 1.3 1.5 1.6 1.8 2.0 1.9 1.9 1.4 1.3 1.5 1.5 1.6 1.7 1.81994 1.1 1.3 1.4 1.5 1.8 1.9 1.8 1.8 1.4 1.2 1.4 1.5 1.5 1.6 1.71995 1.0 1.2 1.3 1.4 1.6 1.7 1.7 1.7 1.2 1.1 1.3 1.3 1.4 1.4 1.61996 0.9 1.0 1.1 1.3 1.5 1.6 1.5 1.5 1.1 1.0 1.2 1.2 1.3 1.3 1.41997 0.7 0.9 1.0 1.1 1.3 1.4 1.3 1.4 1.0 0.8 1.0 1.0 1.1 1.1 1.31998 0.3 0.5 0.6 0.7 0.9 1.0 0.9 1.0 0.5 0.4 0.6 0.6 0.7 0.7 0.81999 0.4 0.6 0.7 0.8 1.0 1.1 1.0 1.1 0.7 0.5 0.7 0.7 0.8 0.8 0.92000 0.5 0.7 0.8 0.9 1.1 1.2 1.1 1.1 0.7 0.6 0.8 0.8 0.9 0.9 1.02001 0.6 0.8 0.9 1.0 1.2 1.3 1.2 1.3 0.9 0.7 0.9 0.9 1.0 1.0 1.12002 0.7 0.9 1.0 1.1 1.3 1.4 1.3 1.4 1.0 0.9 1.0 1.0 1.1 1.1 1.22003 0.9 1.0 1.1 1.2 1.4 1.5 1.5 1.5 1.1 1.0 1.1 1.2 1.2 1.3 1.42004 0.9 1.1 1.2 1.3 1.5 1.6 1.5 1.6 1.2 1.1 1.2 1.2 1.3 1.3 1.52005 1.0 1.1 1.2 1.3 1.5 1.6 1.6 1.6 1.3 1.1 1.3 1.3 1.4 1.4 1.52006 0.9 1.1 1.2 1.3 1.5 1.6 1.5 1.6 1.2 1.1 1.2 1.2 1.3 1.3 1.52007 0.9 1.1 1.2 1.3 1.4 1.5 1.5 1.5 1.2 1.1 1.2 1.2 1.3 1.3 1.42008 0.9 1.1 1.2 1.3 1.5 1.6 1.5 1.6 1.2 1.1 1.2 1.2 1.3 1.3 1.42009 1.1 1.2 1.3 1.4 1.6 1.7 1.7 1.7 1.3 1.2 1.4 1.4 1.5 1.5 1.6




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

7.25.6 5.43.9 3.4 3.93.0 2.6 2.9 2.12.8 2.4 2.6 1.9 1.02.0 1.6 1.6 0.8 0.0 -3.01.2 0.7 0.5 -0.2 -1.1 -3.8 -3.90.5 0.1 -0.1 -0.8 -1.7 -4.2 -4.2 -3.60.7 0.3 0.1 -0.5 -1.3 -3.4 -3.3 -2.7 -2.00.8 0.5 0.4 -0.1 -0.8 -2.7 -2.2 -1.4 -0.3 -0.60.3 0.1 -0.1 -0.6 -1.3 -3.1 -2.3 -1.6 -0.1 -0.4 -0.10.7 0.5 0.4 0.0 -0.7 -2.3 -1.5 -0.8 0.6 0.4 0.5 1.60.7 0.5 0.4 0.0 -0.6 -2.2 -1.6 -1.0 0.0 -0.4 -0.5 0.1 0.91.2 1.2 1.1 0.8 0.3 -1.0 -0.3 0.4 1.5 1.5 1.7 2.7 3.8 4.91.4 1.4 1.3 1.0 0.6 -0.7 0.1 0.8 1.9 1.8 2.1 3.0 4.0 4.9 3.51.5 1.4 1.4 1.1 0.7 -0.5 0.2 0.8 1.7 1.6 1.8 2.5 3.3 3.9 2.71.4 1.4 1.3 1.1 0.7 -0.4 0.3 0.8 1.7 1.6 1.8 2.5 3.3 3.8 2.81.0 1.0 0.9 0.6 0.2 -0.8 -0.4 0.0 0.6 0.4 0.6 1.1 1.6 1.8 1.00.7 0.6 0.6 0.2 -0.1 -1.1 -0.7 -0.3 0.2 0.0 0.1 0.5 1.0 1.1 0.30.7 0.7 0.6 0.3 -0.1 -1.0 -0.6 -0.2 0.3 0.2 0.3 0.7 1.1 1.2 0.51.2 1.2 1.1 0.9 0.6 -0.3 0.1 0.5 1.1 1.0 1.1 1.6 2.0 2.2 1.61.3 1.3 1.3 1.0 0.7 -0.1 0.3 0.7 1.1 1.0 1.2 1.6 2.0 2.2 1.71.8 1.8 1.8 1.6 1.3 0.6 1.0 1.4 1.8 1.8 2.0 2.4 2.9 3.1 2.72.0 2.0 2.0 1.8 1.6 0.9 1.3 1.6 2.1 2.0 2.2 2.7 3.1 3.3 3.11.6 1.6 1.6 1.3 1.1 0.4 0.7 1.0 1.4 1.3 1.5 1.9 2.3 2.4 2.21.2 1.1 1.1 0.9 0.6 0.0 0.2 0.4 0.7 0.6 0.8 1.1 1.5 1.6 1.4




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

1.3 1.2 1.2 1.0 0.8 0.2 0.3 0.6 0.9 0.8 1.0 1.3 1.7 1.7 1.70.9 0.8 0.8 0.6 0.3 -0.3 -0.1 0.1 0.4 0.3 0.4 0.7 1.1 1.1 1.00.4 0.2 0.2 0.0 -0.3 -0.9 -0.8 -0.6 -0.4 -0.5 -0.4 -0.1 0.2 0.2 0.10.7 0.6 0.6 0.3 0.1 -0.5 -0.4 -0.2 0.0 -0.1 0.0 0.3 0.6 0.6 0.61.1 1.0 1.0 0.7 0.5 0.0 0.1 0.3 0.5 0.4 0.6 0.9 1.2 1.2 1.31.4 1.3 1.3 1.1 0.9 0.4 0.5 0.8 1.0 0.9 1.1 1.4 1.7 1.8 1.81.7 1.6 1.7 1.5 1.3 0.8 1.0 1.2 1.4 1.4 1.5 1.8 2.2 2.2 2.31.8 1.7 1.7 1.5 1.4 0.9 1.0 1.2 1.4 1.4 1.6 1.9 2.2 2.3 2.42.0 2.0 2.0 1.8 1.7 1.2 1.4 1.6 1.8 1.8 2.0 2.3 2.6 2.7 2.81.9 1.8 1.9 1.7 1.5 1.1 1.2 1.4 1.6 1.6 1.8 2.1 2.4 2.5 2.52.1 2.1 2.1 1.9 1.8 1.4 1.5 1.7 1.9 1.9 2.1 2.4 2.7 2.8 2.92.1 2.1 2.1 1.9 1.8 1.4 1.5 1.7 1.9 1.9 2.1 2.4 2.7 2.7 2.82.1 2.1 2.1 2.0 1.8 1.5 1.6 1.8 1.9 1.9 2.1 2.4 2.7 2.7 2.81.9 1.9 1.9 1.7 1.6 1.2 1.3 1.5 1.7 1.7 1.8 2.1 2.4 2.4 2.51.8 1.8 1.8 1.6 1.5 1.1 1.2 1.4 1.6 1.6 1.7 2.0 2.2 2.3 2.31.8 1.7 1.7 1.6 1.4 1.1 1.2 1.3 1.5 1.5 1.6 1.9 2.1 2.2 2.21.7 1.6 1.6 1.5 1.3 1.0 1.1 1.2 1.4 1.4 1.5 1.7 2.0 2.0 2.11.7 1.7 1.7 1.6 1.4 1.1 1.2 1.3 1.5 1.5 1.6 1.8 2.1 2.1 2.11.6 1.5 1.5 1.4 1.2 0.9 1.0 1.1 1.3 1.2 1.4 1.6 1.8 1.8 1.81.4 1.3 1.3 1.2 1.0 0.7 0.8 0.9 1.0 1.0 1.1 1.3 1.5 1.6 1.61.5 1.5 1.5 1.3 1.2 0.9 1.0 1.1 1.2 1.2 1.3 1.5 1.8 1.8 1.81.7 1.6 1.6 1.5 1.4 1.0 1.1 1.3 1.4 1.4 1.5 1.7 1.9 2.0 2.01.7 1.7 1.7 1.6 1.5 1.1 1.2 1.4 1.5 1.5 1.6 1.8 2.0 2.1 2.11.7 1.6 1.6 1.5 1.4 1.1 1.1 1.3 1.4 1.4 1.5 1.7 1.9 1.9 2.01.5 1.5 1.5 1.4 1.2 0.9 1.0 1.1 1.3 1.3 1.4 1.5 1.7 1.7 1.81.4 1.3 1.4 1.2 1.1 0.8 0.9 1.0 1.1 1.1 1.2 1.4 1.5 1.6 1.61.2 1.2 1.2 1.0 0.9 0.6 0.7 0.8 0.9 0.9 1.0 1.2 1.3 1.3 1.30.8 0.7 0.7 0.6 0.4 0.1 0.2 0.3 0.4 0.4 0.4 0.6 0.7 0.7 0.70.9 0.8 0.8 0.7 0.6 0.3 0.3 0.5 0.6 0.5 0.6 0.8 0.9 0.9 0.91.0 0.9 0.9 0.8 0.7 0.4 0.4 0.6 0.7 0.6 0.7 0.9 1.0 1.0 1.01.1 1.0 1.1 0.9 0.8 0.5 0.6 0.7 0.8 0.8 0.8 1.0 1.2 1.2 1.11.2 1.2 1.2 1.0 0.9 0.6 0.7 0.8 0.9 0.9 1.0 1.1 1.3 1.3 1.31.4 1.3 1.3 1.2 1.1 0.8 0.9 1.0 1.1 1.1 1.2 1.3 1.5 1.5 1.51.4 1.4 1.4 1.3 1.2 0.9 1.0 1.1 1.2 1.2 1.2 1.4 1.5 1.6 1.61.5 1.5 1.5 1.4 1.2 1.0 1.0 1.2 1.3 1.2 1.3 1.5 1.6 1.6 1.61.4 1.4 1.4 1.3 1.2 0.9 1.0 1.1 1.2 1.2 1.3 1.4 1.5 1.6 1.61.4 1.4 1.4 1.2 1.1 0.9 0.9 1.1 1.2 1.1 1.2 1.4 1.5 1.5 1.51.4 1.3 1.3 1.2 1.1 0.9 0.9 1.0 1.1 1.1 1.2 1.3 1.5 1.5 1.51.5 1.5 1.5 1.4 1.3 1.1 1.1 1.2 1.3 1.3 1.4 1.5 1.7 1.7 1.7




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

4.23.9 3.72.3 2.1 2.41.2 0.8 0.8 -1.01.3 0.9 0.9 -0.7 -1.52.4 2.2 2.3 1.2 0.8 0.32.5 2.4 2.6 1.7 1.5 1.2 1.53.6 3.5 3.8 3.1 3.0 3.0 3.6 5.13.9 3.9 4.1 3.6 3.6 3.6 4.3 5.5 8.13.1 3.0 3.1 2.7 2.7 2.6 3.1 3.7 5.9 7.32.3 2.2 2.2 1.9 1.8 1.6 2.1 2.5 4.3 5.2 4.0




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

2.5 2.4 2.5 2.1 2.1 2.0 2.4 2.8 4.4 5.2 4.1 3.31.7 1.5 1.5 1.1 1.0 0.8 1.0 1.2 2.5 2.9 1.7 0.6 -1.50.9 0.8 0.6 0.4 0.2 0.0 0.3 0.3 1.5 1.9 0.8 -0.4 -2.0 -4.01.3 1.3 1.3 0.9 0.8 0.7 0.9 1.2 2.2 2.5 1.3 0.7 -1.0 -2.8 -2.82.0 2.0 2.0 1.8 1.7 1.6 1.9 2.2 3.2 3.6 2.7 2.3 1.0 -0.1 0.42.5 2.5 2.6 2.4 2.4 2.3 2.6 2.9 3.9 4.3 3.6 3.3 2.3 1.5 2.23.0 3.1 3.2 3.0 3.0 3.0 3.3 3.7 4.7 5.1 4.5 4.3 3.5 2.9 3.63.1 3.1 3.2 3.0 3.1 3.1 3.4 3.7 4.6 5.0 4.5 4.3 3.6 3.0 3.73.5 3.5 3.6 3.5 3.6 3.6 3.9 4.2 5.1 5.5 5.1 4.9 4.3 3.9 4.63.2 3.2 3.3 3.1 3.2 3.2 3.4 3.7 4.5 4.8 4.4 4.2 3.5 3.1 3.73.5 3.6 3.6 3.5 3.6 3.6 3.9 4.2 5.0 5.3 4.8 4.7 4.2 3.8 4.43.4 3.5 3.6 3.4 3.5 3.5 3.8 4.1 4.8 5.1 4.7 4.5 4.0 3.6 4.23.4 3.5 3.5 3.4 3.4 3.5 3.7 4.0 4.6 4.9 4.5 4.4 3.8 3.5 4.03.1 3.1 3.2 3.0 3.0 3.0 3.2 3.5 4.1 4.3 3.9 3.8 3.2 2.9 3.32.9 2.9 2.9 2.8 2.8 2.8 3.0 3.2 3.8 3.9 3.5 3.4 2.8 2.5 2.92.7 2.7 2.8 2.6 2.6 2.6 2.7 2.9 3.5 3.6 3.2 3.1 2.5 2.2 2.62.5 2.5 2.6 2.4 2.4 2.4 2.5 2.7 3.2 3.4 2.9 2.8 2.3 1.9 2.32.6 2.6 2.7 2.5 2.5 2.5 2.6 2.8 3.3 3.4 3.0 2.9 2.4 2.0 2.42.3 2.3 2.3 2.1 2.1 2.1 2.2 2.4 2.8 2.9 2.5 2.3 1.8 1.5 1.82.0 2.0 2.0 1.9 1.8 1.8 1.9 2.0 2.4 2.5 2.1 2.0 1.5 1.1 1.42.2 2.2 2.2 2.1 2.0 2.0 2.1 2.3 2.7 2.8 2.4 2.2 1.8 1.5 1.82.4 2.4 2.4 2.3 2.2 2.2 2.3 2.5 2.9 3.0 2.6 2.5 2.1 1.8 2.12.5 2.5 2.5 2.4 2.4 2.3 2.4 2.6 3.0 3.1 2.7 2.6 2.2 1.9 2.22.3 2.3 2.4 2.2 2.2 2.2 2.3 2.4 2.8 2.9 2.5 2.4 2.0 1.7 2.02.1 2.1 2.1 2.0 2.0 1.9 2.0 2.1 2.5 2.6 2.2 2.1 1.7 1.4 1.71.9 1.9 1.9 1.7 1.7 1.7 1.7 1.9 2.2 2.2 1.9 1.8 1.4 1.1 1.31.6 1.6 1.6 1.4 1.4 1.4 1.4 1.5 1.8 1.9 1.5 1.4 1.0 0.7 0.91.0 1.0 1.0 0.8 0.7 0.6 0.7 0.8 1.0 1.1 0.7 0.5 0.1 -0.2 0.01.2 1.1 1.1 1.0 0.9 0.8 0.9 1.0 1.2 1.3 0.9 0.8 0.4 0.1 0.31.3 1.2 1.3 1.1 1.0 1.0 1.0 1.1 1.4 1.4 1.1 0.9 0.5 0.3 0.51.4 1.4 1.4 1.3 1.2 1.2 1.2 1.3 1.6 1.6 1.3 1.2 0.8 0.5 0.71.6 1.5 1.6 1.4 1.4 1.3 1.4 1.5 1.7 1.8 1.5 1.3 1.0 0.7 0.91.8 1.7 1.8 1.6 1.6 1.5 1.6 1.7 1.9 2.0 1.7 1.6 1.2 1.0 1.21.8 1.8 1.9 1.7 1.7 1.6 1.7 1.8 2.0 2.1 1.8 1.7 1.4 1.2 1.41.9 1.9 1.9 1.8 1.8 1.7 1.8 1.9 2.1 2.2 1.9 1.8 1.5 1.3 1.51.8 1.8 1.8 1.7 1.7 1.6 1.7 1.8 2.0 2.1 1.8 1.7 1.4 1.2 1.41.8 1.8 1.8 1.6 1.6 1.6 1.6 1.7 2.0 2.0 1.7 1.6 1.3 1.1 1.31.8 1.7 1.8 1.6 1.6 1.6 1.6 1.7 2.0 2.0 1.7 1.6 1.3 1.2 1.32.0 2.0 2.0 1.9 1.8 1.8 1.9 2.0 2.2 2.2 2.0 1.9 1.6 1.4 1.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

1.53.5 3.14.9 4.8 8.14.8 4.7 7.5 10.55.7 5.7 8.3 11.0 11.34.7 4.6 6.6 9.0 8.7 7.95.3 5.3 7.2 9.2 9.2 8.5 7.55.0 5.0 6.6 8.4 8.4 7.6 6.6 5.34.8 4.7 6.2 7.8 7.7 7.0 6.0 4.8 5.04.0 3.9 5.2 6.5 6.3 5.4 4.4 3.2 3.0 1.13.5 3.4 4.5 5.7 5.4 4.6 3.6 2.4 2.2 0.5 1.33.1 2.9 4.0 5.1 4.8 4.0 3.0 1.9 1.7 0.2 0.7 -1.22.8 2.6 3.5 4.5 4.3 3.4 2.4 1.5 1.2 -0.3 0.1 -1.6 -2.42.9 2.7 3.6 4.5 4.3 3.5 2.6 1.8 1.5 0.3 0.7 -0.7 -1.1 -2.12.3 2.1 2.8 3.8 3.5 2.7 1.8 1.0 0.7 -0.5 -0.2 -1.4 -1.9 -2.9 -1.81.8 1.6 2.3 3.1 2.8 2.0 1.2 0.3 0.0 -1.1 -1.0 -2.2 -2.8 -3.6 -3.02.2 2.0 2.7 3.5 3.2 2.5 1.8 1.0 0.8 -0.2 0.0 -1.0 -1.3 -1.9 -1.12.5 2.3 3.0 3.8 3.5 2.9 2.2 1.5 1.3 0.5 0.7 -0.1 -0.3 -0.7 0.22.6 2.5 3.1 3.9 3.7 3.1 2.4 1.8 1.6 0.9 1.1 0.4 0.3 -0.1 0.82.4 2.2 2.8 3.5 3.3 2.7 2.1 1.5 1.3 0.6 0.8 0.1 -0.1 -0.4 0.42.0 1.9 2.4 3.1 2.9 2.3 1.7 1.1 0.9 0.2 0.4 -0.2 -0.4 -0.7 -0.11.7 1.5 2.0 2.7 2.5 1.9 1.3 0.7 0.5 -0.1 0.0 -0.6 -0.8 -1.1 -0.61.3 1.1 1.6 2.2 2.0 1.4 0.8 0.3 0.1 -0.6 -0.4 -1.0 -1.2 -1.6 -1.00.3 0.1 0.5 1.1 0.8 0.3 -0.4 -1.0 -1.2 -1.9 -1.8 -2.5 -2.8 -3.2 -2.80.6 0.4 0.8 1.4 1.1 0.6 0.0 -0.5 -0.7 -1.4 -1.3 -1.9 -2.1 -2.5 -2.10.8 0.6 1.0 1.5 1.3 0.8 0.3 -0.3 -0.4 -1.0 -0.9 -1.5 -1.7 -2.0 -1.61.0 0.9 1.3 1.8 1.6 1.1 0.5 0.1 -0.1 -0.7 -0.6 -1.1 -1.2 -1.5 -1.11.2 1.0 1.4 1.9 1.8 1.3 0.8 0.3 0.2 -0.4 -0.3 -0.8 -0.9 -1.1 -0.81.5 1.3 1.7 2.2 2.1 1.6 1.2 0.7 0.6 0.1 0.2 -0.2 -0.3 -0.5 -0.11.6 1.5 1.9 2.4 2.2 1.8 1.3 0.9 0.8 0.4 0.5 0.1 0.0 -0.2 0.21.8 1.6 2.0 2.5 2.4 1.9 1.5 1.1 1.0 0.6 0.7 0.3 0.3 0.1 0.51.6 1.5 1.9 2.3 2.2 1.8 1.4 1.0 0.9 0.5 0.6 0.2 0.1 0.0 0.41.6 1.4 1.8 2.2 2.1 1.7 1.3 0.9 0.8 0.4 0.5 0.2 0.1 0.0 0.31.5 1.4 1.8 2.2 2.0 1.6 1.2 0.9 0.8 0.4 0.5 0.1 0.0 -0.1 0.21.8 1.7 2.1 2.5 2.4 2.0 1.6 1.3 1.2 0.8 0.9 0.6 0.5 0.4 0.8




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

-3.3-1.0 -0.80.4 0.8 1.71.1 1.5 2.4 1.90.6 0.9 1.6 1.0 2.80.1 0.3 0.8 0.2 1.3 3.6

-0.5 -0.4 0.1 -0.5 0.2 2.3 0.9-1.0 -0.9 -0.3 -0.9 -0.4 1.8 0.5 -1.2-2.9 -3.1 -2.9 -3.7 -3.5 -2.4 -4.2 -6.6 -9.3-2.1 -2.1 -1.9 -2.6 -2.3 -1.2 -2.6 -4.4 -6.2 -6.9-1.6 -1.6 -1.3 -1.8 -1.5 -0.4 -1.7 -3.0 -4.3 -4.3 -4.7-1.1 -1.1 -0.8 -1.3 -0.8 0.0 -1.1 -2.2 -3.2 -3.1 -3.1 -2.5-0.7 -0.7 -0.4 -0.8 -0.3 0.4 -0.6 -1.5 -2.4 -2.2 -2.1 -1.4 0.50.0 0.1 0.4 0.0 0.5 1.3 0.5 -0.3 -0.9 -0.6 -0.2 0.6 2.4 7.60.3 0.4 0.7 0.4 0.9 1.6 0.9 0.3 -0.3 0.1 0.5 1.3 3.0 7.6 7.20.6 0.7 1.0 0.8 1.2 1.9 1.3 0.7 0.3 0.6 1.1 1.9 3.4 7.4 7.20.4 0.6 0.8 0.6 1.0 1.6 1.0 0.5 0.0 0.4 0.8 1.4 2.7 6.2 5.70.4 0.5 0.7 0.5 0.9 1.5 0.9 0.4 0.0 0.3 0.6 1.2 2.4 5.4 4.90.3 0.4 0.6 0.4 0.8 1.3 0.7 0.3 -0.1 0.1 0.5 1.2 2.4 5.2 4.90.9 1.0 1.2 1.0 1.5 1.9 1.5 1.1 0.8 1.0 1.5 2.1 3.3 5.9 5.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date2001 2002 2003 2004 2005

8.36.3 5.45.3 4.4 2.85.4 4.3 3.8 3.06.0 5.3 4.9 4.2 3.8



Low-Cap Size Premia* (in percent)2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-5

End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 194019261927192819291930 -16.01931 -14.2 -14.51932 -10.7 -10.2 -9.21933 -2.9 -1.3 1.3 6.51934 -0.2 1.6 4.4 9.4 17.01935 -0.3 1.2 3.6 7.7 13.4 17.01936 0.5 1.9 4.1 7.6 12.5 15.4 16.11937 0.2 1.5 3.4 6.6 10.8 13.0 13.3 12.61938 0.2 1.4 3.1 5.9 9.5 11.3 11.3 10.3 3.71939 0.4 1.5 3.2 5.8 9.0 10.5 10.2 9.1 3.5 0.11940 0.9 2.0 3.5 6.0 9.0 10.3 10.1 9.4 4.6 2.0 3.61941 1.2 2.3 3.8 6.0 8.8 10.0 9.9 9.3 5.1 2.8 4.2 4.01942 1.3 2.2 3.6 5.7 8.2 9.2 9.1 8.4 4.6 2.6 3.6 3.2 3.91943 2.5 3.5 4.9 6.9 9.2 10.3 10.2 9.6 6.3 4.8 6.0 6.0 7.0 8.71944 3.3 4.3 5.6 7.6 9.8 10.8 10.7 10.2 7.2 6.0 7.2 7.4 8.4 10.0 12.11945 4.0 5.0 6.3 8.1 10.2 11.2 11.0 10.5 7.8 6.9 8.1 8.3 9.3 10.8 13.51946 3.8 4.7 5.9 7.7 9.6 10.5 10.3 9.9 7.3 6.4 7.4 7.5 8.3 9.5 11.31947 3.2 4.1 5.2 6.7 8.5 9.3 9.1 8.5 6.1 5.1 6.0 5.9 6.5 7.4 8.61948 2.7 3.4 4.4 5.9 7.5 8.2 8.0 7.5 5.1 4.2 4.8 4.7 5.2 5.8 6.81949 2.4 3.2 4.1 5.5 7.0 7.6 7.3 6.8 4.6 3.7 4.3 4.0 4.5 5.0 5.91950 2.2 2.9 3.8 5.0 6.4 7.0 6.7 6.1 4.0 3.2 3.7 3.4 3.8 4.2 5.31951 1.6 2.2 3.0 4.2 5.5 5.9 5.6 5.0 2.9 2.2 2.5 2.2 2.5 2.8 3.91952 1.0 1.6 2.4 3.4 4.6 5.1 4.7 4.1 2.1 1.4 1.7 1.3 1.5 1.9 2.91953 1.0 1.5 2.3 3.3 4.4 4.8 4.5 3.9 2.0 1.4 1.6 1.2 1.5 1.8 2.71954 0.7 1.2 1.9 2.8 3.9 4.3 3.9 3.3 1.5 1.0 1.2 0.8 1.0 1.4 2.61955 0.1 0.6 1.2 2.1 3.0 3.4 3.0 2.5 0.8 0.3 0.4 0.0 0.3 0.7 2.01956 0.1 0.6 1.2 2.0 3.0 3.3 2.9 2.5 1.0 0.5 0.6 0.1 0.5 1.0 2.21957 0.1 0.5 1.1 1.9 2.8 3.1 2.8 2.4 0.9 0.4 0.5 0.0 0.4 0.8 1.91958 0.3 0.8 1.3 2.1 2.9 3.2 2.9 2.5 1.2 0.8 0.9 0.4 0.8 1.3 2.51959 0.4 0.8 1.4 2.1 2.9 3.3 2.9 2.6 1.3 0.9 1.0 0.6 1.0 1.5 2.71960 0.3 0.8 1.3 2.0 2.8 3.1 2.8 2.5 1.2 0.9 0.9 0.5 0.9 1.4 2.51961 0.2 0.6 1.1 1.8 2.6 2.9 2.5 2.2 1.0 0.7 0.8 0.4 0.7 1.2 2.31962 0.1 0.5 1.0 1.6 2.4 2.6 2.4 2.0 0.9 0.5 0.6 0.2 0.5 0.9 1.81963 -0.1 0.3 0.7 1.3 2.0 2.3 2.0 1.7 0.6 0.2 0.3 -0.1 0.2 0.6 1.51964 -0.2 0.2 0.6 1.2 1.9 2.1 1.8 1.5 0.5 0.1 0.2 -0.2 0.1 0.5 1.41965 0.3 0.7 1.1 1.7 2.4 2.6 2.4 2.1 1.1 0.8 0.8 0.5 0.8 1.3 2.21966 0.5 0.8 1.3 1.9 2.5 2.8 2.5 2.3 1.3 1.0 1.0 0.7 1.0 1.4 2.21967 1.3 1.7 2.1 2.7 3.3 3.6 3.4 3.2 2.2 2.0 2.1 1.8 2.2 2.6 3.41968 1.7 2.1 2.5 3.1 3.7 4.0 3.8 3.6 2.7 2.5 2.6 2.4 2.7 3.1 3.91969 1.4 1.8 2.2 2.8 3.4 3.6 3.4 3.2 2.3 2.0 2.1 1.9 2.2 2.5 3.21970 1.1 1.4 1.8 2.4 3.0 3.2 3.0 2.7 1.8 1.6 1.6 1.4 1.7 1.9 2.5








EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

14.111.4 12.5

8.3 8.5 8.56.6 6.7 6.6 3.85.6 5.5 5.2 2.8 -0.34.9 4.8 4.2 2.2 -0.5 -4.53.4 3.1 2.4 0.5 -2.0 -5.7 -5.92.4 2.2 1.4 -0.4 -2.8 -6.0 -6.1 -5.02.3 2.1 1.4 -0.3 -2.4 -5.2 -5.1 -4.1 -3.32.3 2.2 1.5 0.1 -1.8 -4.3 -3.7 -2.5 -1.3 -0.81.9 1.9 1.2 -0.1 -1.9 -4.2 -3.3 -2.0 -0.3 0.4 -0.22.2 2.3 1.8 0.6 -1.1 -3.2 -2.2 -1.0 0.8 1.3 0.7 2.61.8 1.9 1.4 0.2 -1.4 -3.5 -2.7 -1.8 -0.4 -0.4 -1.3 -0.3 0.52.6 2.7 2.2 1.2 -0.1 -1.9 -0.9 0.1 1.6 2.0 1.7 3.1 4.5 6.22.8 2.9 2.5 1.5 0.3 -1.3 -0.3 0.7 2.1 2.6 2.3 3.7 4.9 6.4 4.82.5 2.6 2.2 1.3 0.1 -1.4 -0.6 0.3 1.5 1.8 1.4 2.5 3.4 4.4 2.82.3 2.4 2.0 1.2 0.1 -1.3 -0.5 0.3 1.3 1.6 1.4 2.4 3.2 4.0 2.81.8 1.8 1.4 0.5 -0.6 -2.0 -1.5 -0.8 -0.1 -0.1 -0.4 0.3 0.9 1.2 0.21.5 1.5 1.1 0.2 -0.8 -2.1 -1.6 -1.0 -0.3 -0.3 -0.6 0.0 0.6 0.8 -0.11.4 1.4 1.0 0.2 -0.8 -2.0 -1.5 -0.9 -0.3 -0.2 -0.5 0.1 0.6 0.8 0.02.1 2.2 1.8 1.1 0.2 -0.9 -0.4 0.3 0.9 1.1 0.9 1.6 2.1 2.4 1.82.2 2.2 1.9 1.2 0.3 -0.7 -0.3 0.3 0.9 1.0 0.8 1.4 2.0 2.2 1.73.4 3.5 3.2 2.6 1.8 0.9 1.4 2.0 2.7 2.9 2.8 3.6 4.2 4.6 4.43.9 4.0 3.8 3.2 2.5 1.6 2.1 2.7 3.3 3.6 3.6 4.3 5.0 5.4 5.33.1 3.1 2.9 2.3 1.6 0.8 1.1 1.7 2.1 2.3 2.3 2.9 3.5 3.8 3.72.4 2.3 2.1 1.5 0.8 -0.1 0.2 0.6 1.0 1.1 1.1 1.7 2.2 2.4 2.4




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

2.4 2.3 2.1 1.5 0.8 0.0 0.3 0.7 1.1 1.2 1.2 1.7 2.2 2.4 2.41.8 1.7 1.5 0.9 0.2 -0.5 -0.3 0.1 0.4 0.5 0.4 0.9 1.4 1.4 1.40.9 0.8 0.6 -0.1 -0.7 -1.5 -1.4 -1.0 -0.8 -0.8 -0.8 -0.3 0.1 0.1 0.11.5 1.4 1.2 0.5 -0.1 -0.9 -0.7 -0.4 -0.1 -0.1 -0.1 0.3 0.7 0.8 0.81.8 1.8 1.6 1.0 0.4 -0.3 -0.2 0.2 0.5 0.5 0.5 1.0 1.4 1.5 1.62.4 2.3 2.2 1.6 1.1 0.4 0.6 0.9 1.2 1.3 1.3 1.8 2.3 2.4 2.53.1 3.1 3.0 2.4 1.9 1.3 1.5 1.8 2.2 2.3 2.3 2.8 3.3 3.5 3.63.2 3.2 3.1 2.6 2.1 1.5 1.7 2.0 2.4 2.5 2.5 3.0 3.5 3.7 3.93.8 3.7 3.7 3.1 2.7 2.1 2.3 2.7 3.0 3.2 3.3 3.8 4.3 4.4 4.73.5 3.5 3.4 2.9 2.5 2.0 2.1 2.5 2.8 2.9 3.0 3.5 4.0 4.1 4.33.7 3.7 3.7 3.2 2.7 2.2 2.4 2.7 3.1 3.2 3.3 3.8 4.2 4.4 4.63.8 3.8 3.8 3.3 2.8 2.3 2.5 2.9 3.2 3.3 3.4 3.9 4.3 4.5 4.73.9 3.8 3.8 3.3 2.9 2.4 2.6 2.9 3.2 3.4 3.4 3.9 4.3 4.5 4.73.6 3.6 3.5 3.0 2.6 2.1 2.3 2.6 2.9 3.0 3.1 3.5 3.9 4.1 4.33.4 3.4 3.4 2.9 2.5 2.0 2.2 2.5 2.8 2.9 2.9 3.4 3.7 3.9 4.03.2 3.2 3.1 2.7 2.3 1.8 1.9 2.2 2.5 2.6 2.6 3.0 3.4 3.5 3.62.9 2.9 2.8 2.3 1.9 1.5 1.6 1.9 2.1 2.2 2.3 2.6 3.0 3.1 3.23.0 3.0 2.9 2.5 2.1 1.6 1.7 2.0 2.3 2.4 2.4 2.8 3.1 3.2 3.32.7 2.7 2.6 2.1 1.8 1.3 1.4 1.7 1.9 2.0 2.0 2.3 2.7 2.7 2.82.3 2.3 2.2 1.8 1.4 0.9 1.0 1.3 1.5 1.6 1.6 1.9 2.2 2.3 2.42.6 2.6 2.5 2.1 1.7 1.3 1.4 1.6 1.9 1.9 1.9 2.3 2.5 2.6 2.72.8 2.7 2.7 2.2 1.9 1.5 1.6 1.8 2.0 2.1 2.1 2.5 2.7 2.8 2.92.8 2.8 2.8 2.4 2.0 1.6 1.7 1.9 2.2 2.2 2.3 2.6 2.9 3.0 3.02.8 2.8 2.7 2.3 1.9 1.5 1.6 1.9 2.1 2.2 2.2 2.5 2.8 2.8 2.92.5 2.5 2.4 2.0 1.7 1.3 1.4 1.6 1.8 1.9 1.9 2.2 2.4 2.5 2.62.4 2.3 2.3 1.9 1.5 1.1 1.2 1.5 1.7 1.7 1.7 2.0 2.2 2.3 2.32.2 2.2 2.1 1.8 1.4 1.0 1.1 1.3 1.5 1.6 1.6 1.9 2.1 2.1 2.21.7 1.6 1.5 1.1 0.8 0.4 0.5 0.7 0.9 0.9 0.9 1.1 1.3 1.4 1.41.8 1.8 1.7 1.3 1.0 0.6 0.7 0.9 1.1 1.1 1.1 1.3 1.5 1.6 1.61.9 1.9 1.8 1.4 1.1 0.7 0.8 1.0 1.2 1.2 1.2 1.4 1.6 1.7 1.72.3 2.2 2.2 1.8 1.5 1.1 1.2 1.4 1.6 1.6 1.6 1.9 2.1 2.2 2.22.3 2.3 2.2 1.9 1.6 1.2 1.3 1.5 1.7 1.7 1.7 1.9 2.2 2.2 2.22.6 2.6 2.5 2.2 1.8 1.5 1.6 1.8 2.0 2.0 2.0 2.3 2.5 2.6 2.62.7 2.7 2.6 2.3 2.0 1.6 1.7 1.9 2.1 2.1 2.2 2.4 2.6 2.7 2.72.6 2.6 2.6 2.2 1.9 1.6 1.7 1.9 2.1 2.1 2.1 2.4 2.6 2.6 2.72.6 2.6 2.5 2.2 1.9 1.5 1.6 1.8 2.0 2.1 2.1 2.3 2.5 2.6 2.62.5 2.4 2.4 2.0 1.8 1.4 1.5 1.7 1.9 1.9 1.9 2.1 2.3 2.4 2.42.5 2.4 2.4 2.1 1.8 1.4 1.5 1.7 1.9 1.9 1.9 2.1 2.3 2.4 2.42.6 2.6 2.5 2.2 1.9 1.6 1.7 1.9 2.0 2.1 2.1 2.3 2.5 2.6 2.6




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

3.53.3 2.81.0 0.7 1.50.4 -0.2 0.4 -2.20.3 -0.3 0.1 -2.0 -3.52.3 2.0 2.6 1.1 0.4 0.62.4 2.2 2.8 1.6 1.1 1.5 2.25.1 5.2 5.9 5.3 5.3 6.1 7.7 10.06.1 6.2 7.0 6.6 6.8 7.7 9.3 11.4 15.04.6 4.6 5.1 4.8 4.8 5.4 6.7 7.9 10.9 14.13.2 3.2 3.5 3.2 3.1 3.5 4.5 5.4 7.6 9.7 7.8




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

3.2 3.2 3.5 3.2 3.1 3.5 4.4 5.1 7.0 8.7 7.0 6.52.1 2.0 2.1 1.7 1.6 1.8 2.4 2.8 4.2 5.3 3.3 2.3 -3.60.9 0.8 0.8 0.5 0.3 0.4 1.0 1.2 2.5 3.5 1.6 0.3 -4.6 -9.11.5 1.5 1.8 1.3 1.2 1.5 1.8 2.4 3.4 4.1 2.2 1.7 -3.2 -7.3 -6.82.3 2.3 2.6 2.2 2.1 2.4 2.8 3.4 4.5 5.2 3.7 3.3 -0.6 -3.5 -2.53.2 3.3 3.6 3.3 3.3 3.6 4.1 4.7 5.8 6.6 5.4 5.2 1.9 -0.2 1.24.4 4.5 4.9 4.7 4.7 5.1 5.7 6.3 7.4 8.3 7.3 7.3 4.6 2.9 4.54.6 4.7 5.1 4.9 5.0 5.4 5.9 6.6 7.6 8.4 7.5 7.6 5.1 3.7 5.25.4 5.6 6.0 5.8 6.0 6.4 7.0 7.6 8.7 9.5 8.8 8.9 6.8 5.6 7.25.0 5.2 5.5 5.3 5.4 5.8 6.3 6.9 7.8 8.5 7.8 7.8 5.8 4.7 6.05.3 5.5 5.8 5.7 5.8 6.1 6.6 7.2 8.1 8.8 8.1 8.1 6.3 5.3 6.55.3 5.5 5.8 5.7 5.8 6.1 6.6 7.2 8.0 8.6 7.9 8.0 6.2 5.3 6.55.3 5.4 5.7 5.6 5.7 6.0 6.5 7.0 7.8 8.3 7.7 7.7 6.0 5.2 6.34.9 5.0 5.3 5.1 5.2 5.5 5.9 6.3 7.1 7.6 6.9 6.9 5.3 4.4 5.44.6 4.7 5.0 4.8 4.8 5.1 5.5 5.9 6.5 7.0 6.3 6.3 4.8 3.9 4.84.1 4.2 4.5 4.3 4.3 4.5 4.8 5.2 5.8 6.2 5.5 5.5 3.9 3.1 3.93.7 3.8 4.0 3.8 3.8 4.0 4.2 4.6 5.1 5.5 4.8 4.7 3.2 2.3 3.13.8 3.9 4.1 3.9 3.9 4.1 4.3 4.7 5.2 5.5 4.9 4.8 3.4 2.6 3.33.3 3.3 3.5 3.3 3.2 3.4 3.6 4.0 4.4 4.7 4.0 3.9 2.5 1.7 2.42.8 2.8 3.0 2.8 2.7 2.9 3.1 3.4 3.8 4.0 3.3 3.2 1.8 1.0 1.63.1 3.2 3.3 3.1 3.1 3.2 3.4 3.7 4.1 4.4 3.7 3.7 2.3 1.6 2.23.3 3.3 3.5 3.3 3.3 3.5 3.6 3.9 4.3 4.6 4.0 3.9 2.6 1.9 2.63.4 3.5 3.7 3.4 3.4 3.6 3.8 4.1 4.4 4.7 4.1 4.0 2.8 2.2 2.83.3 3.3 3.5 3.3 3.3 3.4 3.6 3.9 4.3 4.5 3.9 3.9 2.7 2.0 2.62.9 2.9 3.1 2.9 2.8 3.0 3.1 3.4 3.7 3.9 3.3 3.3 2.1 1.5 2.02.7 2.7 2.8 2.6 2.6 2.7 2.8 3.1 3.4 3.6 3.0 2.9 1.8 1.2 1.72.5 2.5 2.6 2.4 2.3 2.4 2.6 2.8 3.1 3.2 2.7 2.6 1.5 0.9 1.41.7 1.6 1.8 1.5 1.4 1.5 1.6 1.8 2.1 2.2 1.6 1.5 0.4 -0.2 0.31.9 1.9 2.0 1.7 1.7 1.8 1.8 2.1 2.3 2.4 1.9 1.8 0.7 0.1 0.61.9 1.9 2.1 1.8 1.7 1.8 1.9 2.1 2.4 2.5 1.9 1.9 0.8 0.2 0.72.4 2.5 2.6 2.4 2.3 2.4 2.5 2.8 3.0 3.1 2.6 2.6 1.6 1.0 1.52.5 2.5 2.7 2.5 2.4 2.5 2.6 2.8 3.1 3.2 2.7 2.7 1.7 1.2 1.62.9 2.9 3.0 2.8 2.8 2.9 3.0 3.2 3.5 3.6 3.1 3.1 2.2 1.7 2.13.0 3.0 3.2 2.9 2.9 3.0 3.1 3.4 3.6 3.7 3.3 3.2 2.4 1.9 2.32.9 3.0 3.1 2.9 2.9 3.0 3.1 3.3 3.5 3.7 3.2 3.2 2.3 1.9 2.32.9 2.9 3.0 2.8 2.8 2.9 3.0 3.2 3.4 3.5 3.1 3.1 2.2 1.8 2.22.7 2.7 2.8 2.6 2.6 2.7 2.8 3.0 3.2 3.3 2.9 2.9 2.0 1.6 2.02.7 2.7 2.9 2.7 2.6 2.7 2.8 3.0 3.2 3.4 3.0 2.9 2.1 1.7 2.02.9 2.9 3.0 2.9 2.8 2.9 3.0 3.2 3.4 3.6 3.2 3.1 2.3 1.9 2.3




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

-0.43.6 3.57.0 7.4 12.17.4 7.9 11.9 17.29.4 10.1 13.9 18.7 19.67.9 8.4 11.5 15.5 15.4 15.88.3 8.8 11.6 14.9 15.2 15.4 14.18.2 8.5 11.0 14.0 14.3 14.2 12.7 9.77.8 8.1 10.3 13.1 13.1 12.9 11.5 8.7 8.66.7 6.9 8.9 11.2 11.1 10.6 9.1 6.4 5.9 2.26.1 6.2 7.9 10.1 9.8 9.2 7.8 5.2 4.6 1.4 2.55.0 5.1 6.6 8.6 8.3 7.6 6.0 3.6 3.0 0.0 0.5 -1.24.1 4.1 5.4 7.1 6.9 6.0 4.5 2.2 1.4 -1.5 -1.4 -3.2 -5.34.3 4.3 5.5 7.1 6.9 6.2 4.7 2.7 2.0 -0.5 -0.2 -1.6 -3.1 -4.73.3 3.2 4.3 5.8 5.5 4.7 3.3 1.3 0.7 -1.7 -1.6 -2.9 -4.3 -6.0 -5.32.4 2.3 3.3 4.6 4.3 3.5 2.0 0.1 -0.6 -2.9 -3.0 -4.4 -5.8 -7.4 -7.23.0 3.0 3.9 5.3 4.9 4.2 2.9 1.2 0.6 -1.4 -1.2 -2.3 -3.3 -4.4 -3.83.3 3.3 4.2 5.5 5.2 4.6 3.4 1.8 1.3 -0.5 -0.3 -1.1 -2.0 -2.8 -2.03.5 3.5 4.4 5.6 5.4 4.7 3.6 2.2 1.8 0.1 0.4 -0.4 -1.1 -1.7 -0.93.3 3.3 4.1 5.3 5.0 4.4 3.3 2.0 1.5 0.0 0.2 -0.5 -1.1 -1.7 -1.02.7 2.6 3.4 4.5 4.2 3.6 2.6 1.2 0.8 -0.6 -0.5 -1.2 -1.8 -2.4 -1.82.3 2.3 3.0 4.1 3.8 3.2 2.2 0.8 0.5 -0.9 -0.8 -1.4 -2.0 -2.6 -2.02.0 2.0 2.7 3.7 3.4 2.8 1.9 0.6 0.3 -1.1 -0.9 -1.5 -2.1 -2.6 -2.00.8 0.7 1.3 2.3 1.9 1.3 0.3 -1.0 -1.4 -2.7 -2.7 -3.4 -4.0 -4.6 -4.31.2 1.1 1.7 2.7 2.3 1.7 0.8 -0.4 -0.8 -2.0 -1.9 -2.5 -3.1 -3.6 -3.21.3 1.2 1.7 2.7 2.4 1.8 0.9 -0.2 -0.5 -1.7 -1.6 -2.2 -2.6 -3.2 -2.72.0 2.0 2.6 3.5 3.2 2.7 1.9 0.8 0.5 -0.6 -0.5 -0.9 -1.3 -1.7 -1.32.1 2.1 2.6 3.4 3.3 2.7 1.9 0.9 0.6 -0.4 -0.3 -0.8 -1.1 -1.5 -1.12.7 2.6 3.2 4.0 3.8 3.4 2.6 1.7 1.4 0.5 0.6 0.2 -0.1 -0.4 0.12.8 2.8 3.4 4.2 4.0 3.5 2.8 1.9 1.7 0.8 0.9 0.6 0.3 0.1 0.52.8 2.8 3.3 4.1 3.9 3.5 2.8 1.9 1.7 0.8 0.9 0.6 0.3 0.1 0.52.7 2.6 3.2 3.9 3.7 3.3 2.6 1.8 1.6 0.7 0.9 0.5 0.3 0.0 0.52.4 2.4 2.9 3.6 3.4 3.0 2.4 1.5 1.3 0.5 0.6 0.3 0.0 -0.2 0.22.5 2.4 2.9 3.6 3.4 3.0 2.3 1.6 1.3 0.5 0.6 0.3 0.0 -0.2 0.22.7 2.7 3.2 3.8 3.7 3.3 2.7 1.9 1.7 0.9 1.0 0.7 0.5 0.3 0.7




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

-8.5-4.3 -3.3-2.2 -1.1 1.5-0.9 0.2 2.6 1.4-1.1 -0.1 1.9 0.8 3.5-1.9 -1.2 0.6 -0.6 1.1 5.2-2.1 -1.5 0.2 -1.0 0.2 3.9 1.5-2.2 -1.6 0.2 -0.8 0.1 3.8 1.8 0.0-4.5 -4.2 -3.1 -4.3 -3.7 -1.6 -4.2 -6.9 -10.1-3.3 -3.0 -1.8 -2.8 -2.2 0.0 -2.1 -4.1 -6.2 -7.2-2.9 -2.5 -1.3 -2.2 -1.5 0.5 -1.4 -3.0 -4.5 -4.8 -4.5-1.3 -0.8 0.2 -0.4 0.4 2.1 0.6 -0.5 -1.6 -1.4 -0.4 0.3-1.2 -0.7 0.3 -0.3 0.5 2.0 0.5 -0.5 -1.4 -1.2 -0.3 0.4 1.70.1 0.6 1.6 1.1 2.0 3.4 2.3 1.5 0.9 1.3 2.5 3.5 5.1 12.00.6 1.1 2.0 1.6 2.5 3.8 2.8 2.2 1.7 2.1 3.2 4.3 5.7 11.7 12.00.6 1.1 1.9 1.5 2.4 3.6 2.6 2.1 1.6 1.9 3.0 3.9 5.2 10.3 10.40.5 1.0 1.8 1.4 2.2 3.3 2.4 1.9 1.4 1.7 2.7 3.5 4.5 8.9 8.80.2 0.6 1.4 1.0 1.7 2.8 1.9 1.3 0.9 1.1 2.0 2.6 3.5 7.3 7.00.2 0.6 1.3 0.9 1.7 2.6 1.8 1.2 0.8 1.0 1.9 2.6 3.6 7.2 7.00.7 1.2 1.8 1.5 2.2 3.1 2.4 2.0 1.6 1.8 2.8 3.5 4.5 7.9 7.8




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date2001 2002 2003 2004 2005

12.910.4 6.6

8.0 4.6 2.18.2 5.1 4.9 2.78.7 6.1 5.6 4.0 3.1



Micro-Cap Size Premia* (in percent)2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-6

End Start DateDate 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 194019261927192819291930 -19.11931 -16.0 -15.11932 -10.6 -8.7 -5.61933 4.7 8.5 14.5 20.81934 7.2 10.9 16.6 22.4 34.61935 6.0 9.2 13.9 18.3 27.3 33.71936 8.9 12.0 16.5 20.6 28.4 34.0 35.91937 8.1 10.9 14.9 18.5 25.3 29.5 30.5 29.61938 6.0 8.4 11.8 14.7 20.1 23.3 23.2 21.5 6.31939 5.4 7.6 10.8 13.5 18.2 20.6 19.9 17.6 4.3 0.01940 5.4 7.4 10.3 12.7 17.0 19.1 18.5 16.7 5.2 1.7 4.71941 5.4 7.3 9.9 12.2 16.1 17.9 17.3 15.7 5.6 2.5 5.1 -0.41942 6.4 8.2 10.8 12.9 16.5 18.2 17.7 16.2 7.2 4.9 7.3 2.9 2.31943 9.4 11.3 13.9 16.1 19.6 21.4 21.0 19.7 12.0 10.5 13.5 10.9 11.4 18.21944 10.5 12.4 14.9 17.0 20.3 22.0 21.6 20.4 13.4 12.3 15.1 13.1 13.8 19.4 24.81945 11.4 13.2 15.6 17.5 20.6 22.2 21.9 20.6 14.1 13.4 15.9 14.2 15.1 19.5 25.51946 10.9 12.6 14.8 16.6 19.5 21.0 20.6 19.4 13.4 12.5 14.8 13.1 13.8 17.7 21.91947 9.9 11.5 13.5 15.2 17.8 19.1 18.6 17.3 11.6 10.7 12.6 10.9 11.3 14.5 17.81948 9.0 10.4 12.3 13.8 16.2 17.3 16.8 15.6 10.2 9.2 10.8 9.0 9.3 12.1 14.81949 8.3 9.7 11.4 12.8 15.0 16.1 15.4 14.2 9.0 8.1 9.5 7.7 7.9 10.2 12.81950 7.9 9.2 10.9 12.1 14.2 15.1 14.4 13.1 8.2 7.4 8.6 6.9 7.1 9.0 11.81951 6.7 7.8 9.4 10.5 12.3 13.2 12.4 11.0 6.3 5.5 6.5 4.7 4.8 6.4 9.11952 5.7 6.8 8.2 9.3 10.9 11.7 10.9 9.5 5.0 4.2 5.0 3.3 3.3 4.7 7.31953 5.4 6.5 7.8 8.8 10.4 11.1 10.3 9.0 4.7 4.0 4.7 3.0 3.1 4.4 6.71954 4.9 5.8 7.1 8.0 9.4 10.0 9.2 8.0 3.9 3.2 3.8 2.2 2.3 3.5 6.31955 4.0 4.9 6.1 6.8 8.2 8.7 7.9 6.7 2.8 2.3 2.7 1.1 1.3 2.5 5.41956 3.8 4.7 5.8 6.5 7.8 8.3 7.6 6.5 2.8 2.3 2.7 1.1 1.4 2.6 5.41957 3.9 4.7 5.7 6.4 7.7 8.2 7.5 6.5 3.0 2.5 2.9 1.4 1.7 2.9 5.31958 4.0 4.8 5.8 6.5 7.6 8.2 7.5 6.5 3.2 2.8 3.1 1.7 2.0 3.2 5.91959 4.0 4.8 5.7 6.4 7.5 8.0 7.3 6.4 3.2 2.8 3.2 1.8 2.2 3.3 6.01960 3.8 4.6 5.5 6.1 7.2 7.7 7.1 6.2 3.2 2.8 3.1 1.8 2.2 3.3 5.71961 3.5 4.2 5.2 5.7 6.7 7.2 6.6 5.7 2.8 2.5 2.8 1.5 1.8 3.0 5.41962 3.5 4.2 5.0 5.6 6.6 7.0 6.4 5.7 2.9 2.5 2.8 1.5 1.9 3.0 5.11963 2.9 3.5 4.4 4.9 5.8 6.2 5.6 4.9 2.2 1.9 2.1 0.8 1.2 2.3 4.41964 2.7 3.3 4.2 4.6 5.5 5.9 5.3 4.6 2.0 1.7 1.9 0.7 1.1 2.1 4.21965 3.2 3.8 4.6 5.1 6.0 6.4 5.8 5.1 2.6 2.4 2.6 1.4 1.8 2.8 4.91966 3.3 4.0 4.7 5.2 6.1 6.5 6.0 5.3 2.9 2.6 2.8 1.7 2.1 3.0 4.91967 4.9 5.6 6.4 6.9 7.7 8.2 7.7 7.1 4.8 4.6 4.9 3.9 4.4 5.4 7.31968 5.7 6.3 7.1 7.6 8.5 8.9 8.5 8.0 5.8 5.6 5.9 5.0 5.5 6.5 8.41969 5.1 5.7 6.5 7.0 7.8 8.2 7.8 7.2 5.1 4.9 5.1 4.2 4.6 5.5 7.11970 4.6 5.2 5.9 6.4 7.2 7.6 7.2 6.6 4.5 4.2 4.5 3.5 3.9 4.7 6.2








EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

27.423.5 27.518.5 20.8 18.515.5 17.4 15.3 8.313.1 14.4 12.1 6.1 1.211.9 13.1 10.6 5.7 1.6 -4.6

9.0 9.8 7.2 2.7 -1.2 -7.0 -7.27.2 7.9 5.3 1.2 -2.5 -7.7 -7.6 -6.36.7 7.3 5.0 1.1 -2.3 -6.9 -6.6 -5.5 -4.06.3 7.1 4.8 1.5 -1.4 -5.5 -4.6 -3.1 -1.0 -0.15.6 6.4 4.2 1.3 -1.5 -5.3 -3.9 -2.4 0.2 1.2 -0.75.7 6.6 4.6 1.8 -0.7 -4.2 -2.8 -1.4 1.2 2.0 0.1 2.95.7 6.5 4.7 1.8 -0.6 -3.9 -2.7 -1.5 0.5 0.8 -1.2 0.6 2.16.3 7.2 5.4 3.1 1.0 -1.8 -0.4 0.9 3.1 3.9 2.8 5.1 7.1 10.06.4 7.2 5.6 3.4 1.5 -1.1 0.3 1.6 3.7 4.4 3.5 5.6 7.4 9.9 7.56.2 7.0 5.5 3.3 1.4 -1.0 0.2 1.4 3.2 3.7 2.7 4.4 5.8 7.7 5.25.8 6.5 5.1 3.1 1.4 -0.9 0.3 1.4 3.1 3.6 2.8 4.4 5.7 7.2 5.35.4 6.1 4.7 2.6 0.8 -1.4 -0.5 0.4 1.7 1.9 1.0 2.2 3.2 4.2 2.44.7 5.3 4.0 1.9 0.3 -1.8 -0.9 -0.1 1.0 1.2 0.3 1.4 2.3 3.0 1.34.5 5.1 3.8 1.9 0.3 -1.7 -0.8 0.0 1.1 1.3 0.5 1.6 2.3 3.0 1.55.2 5.8 4.6 2.9 1.4 -0.4 0.5 1.3 2.5 2.7 2.1 3.2 4.0 4.8 3.65.2 5.8 4.6 2.9 1.5 -0.3 0.5 1.2 2.2 2.4 1.8 2.8 3.5 4.2 3.17.7 8.3 7.3 5.7 4.5 3.0 3.9 4.8 5.9 6.3 6.0 7.2 8.2 9.1 8.68.8 9.4 8.5 7.1 6.0 4.5 5.5 6.4 7.5 8.0 7.7 8.9 10.0 11.0 10.67.4 7.9 7.0 5.5 4.3 3.0 3.6 4.4 5.2 5.6 5.3 6.4 7.3 8.0 7.76.4 6.8 5.9 4.3 3.2 1.9 2.4 3.0 3.7 4.0 3.7 4.6 5.4 6.0 5.7




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

6.1 6.5 5.6 4.1 3.0 1.7 2.1 2.7 3.4 3.6 3.3 4.2 5.0 5.5 5.35.2 5.5 4.6 3.1 2.1 0.8 1.2 1.7 2.3 2.5 2.2 3.0 3.7 4.0 3.74.1 4.3 3.4 1.9 0.8 -0.5 -0.2 0.3 0.7 0.8 0.5 1.3 1.9 2.1 1.94.7 4.9 4.1 2.5 1.4 0.2 0.4 0.9 1.4 1.5 1.1 1.8 2.4 2.7 2.45.1 5.4 4.6 3.1 2.1 0.9 1.2 1.6 2.1 2.3 2.0 2.7 3.4 3.7 3.55.6 5.8 5.1 3.6 2.7 1.6 1.9 2.3 2.8 3.0 2.8 3.5 4.2 4.5 4.56.4 6.7 6.0 4.6 3.7 2.6 2.9 3.4 3.9 4.1 3.9 4.7 5.4 5.7 5.76.6 6.9 6.2 4.8 4.0 2.9 3.2 3.7 4.2 4.4 4.2 5.0 5.7 6.0 6.16.9 7.2 6.6 5.2 4.4 3.5 3.8 4.2 4.7 4.9 4.8 5.6 6.3 6.6 6.76.6 6.9 6.3 5.0 4.2 3.2 3.5 4.0 4.4 4.6 4.5 5.3 5.9 6.2 6.37.0 7.2 6.6 5.3 4.6 3.6 3.9 4.4 4.8 5.0 4.9 5.6 6.3 6.6 6.77.0 7.2 6.6 5.4 4.6 3.7 4.0 4.4 4.9 5.1 5.0 5.7 6.3 6.6 6.77.0 7.3 6.7 5.5 4.8 3.9 4.2 4.6 5.1 5.2 5.1 5.8 6.4 6.7 6.86.4 6.7 6.1 4.9 4.1 3.3 3.5 3.9 4.4 4.5 4.4 5.0 5.6 5.9 5.96.1 6.3 5.8 4.6 3.9 3.0 3.3 3.6 4.1 4.2 4.1 4.7 5.2 5.5 5.55.7 5.9 5.4 4.2 3.5 2.7 2.9 3.2 3.6 3.8 3.6 4.2 4.7 4.9 4.95.3 5.5 4.9 3.8 3.0 2.2 2.4 2.7 3.1 3.2 3.1 3.6 4.1 4.3 4.25.3 5.5 5.0 3.8 3.1 2.3 2.5 2.8 3.2 3.3 3.1 3.6 4.1 4.3 4.24.7 4.9 4.3 3.2 2.5 1.7 1.9 2.2 2.5 2.6 2.4 2.9 3.3 3.5 3.44.2 4.4 3.8 2.7 2.0 1.2 1.3 1.6 2.0 2.0 1.8 2.3 2.7 2.8 2.74.5 4.7 4.1 3.0 2.3 1.5 1.7 2.0 2.3 2.4 2.2 2.7 3.1 3.2 3.14.8 5.0 4.5 3.4 2.7 2.0 2.2 2.5 2.8 2.9 2.7 3.2 3.5 3.7 3.64.9 5.1 4.6 3.5 2.9 2.1 2.3 2.6 3.0 3.0 2.9 3.3 3.7 3.9 3.84.8 5.0 4.5 3.4 2.8 2.0 2.2 2.5 2.8 2.9 2.7 3.2 3.5 3.7 3.64.5 4.7 4.2 3.2 2.6 1.8 2.0 2.3 2.6 2.7 2.5 2.9 3.3 3.4 3.34.4 4.5 4.0 3.1 2.4 1.7 1.9 2.2 2.5 2.6 2.4 2.8 3.1 3.3 3.14.2 4.3 3.8 2.9 2.3 1.6 1.8 2.0 2.3 2.4 2.2 2.6 2.9 3.0 2.93.4 3.6 3.1 2.1 1.5 0.8 1.0 1.2 1.5 1.5 1.3 1.7 2.0 2.1 1.93.6 3.7 3.2 2.3 1.7 1.0 1.2 1.4 1.7 1.7 1.5 1.9 2.2 2.3 2.13.6 3.8 3.3 2.4 1.8 1.1 1.3 1.5 1.8 1.8 1.6 1.9 2.2 2.3 2.24.3 4.5 4.0 3.1 2.5 1.9 2.1 2.3 2.6 2.6 2.5 2.8 3.1 3.2 3.14.5 4.7 4.2 3.3 2.7 2.1 2.2 2.5 2.7 2.8 2.6 3.0 3.3 3.4 3.35.1 5.3 4.9 4.0 3.4 2.8 3.0 3.2 3.5 3.6 3.4 3.8 4.1 4.3 4.15.1 5.3 4.8 4.0 3.4 2.8 3.0 3.2 3.5 3.6 3.5 3.8 4.1 4.3 4.15.0 5.1 4.7 3.9 3.3 2.7 2.9 3.1 3.4 3.5 3.3 3.7 4.0 4.1 4.04.9 5.1 4.7 3.8 3.3 2.7 2.9 3.1 3.4 3.4 3.3 3.6 3.9 4.1 4.04.6 4.8 4.4 3.5 3.0 2.4 2.6 2.8 3.1 3.1 3.0 3.3 3.6 3.7 3.64.6 4.7 4.3 3.4 2.9 2.3 2.5 2.7 3.0 3.0 2.9 3.2 3.5 3.6 3.54.9 5.0 4.6 3.8 3.3 2.7 2.9 3.1 3.3 3.4 3.3 3.6 3.9 4.0 3.9




EndDate192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

5.85.7 6.33.0 3.4 4.51.6 1.6 2.2 -2.31.7 1.6 2.1 -1.6 -3.54.0 4.1 4.7 2.1 1.1 1.53.6 3.8 4.4 1.9 1.2 1.8 1.99.5 10.1 11.1 9.9 10.3 11.9 14.0 17.2

11.7 12.4 13.6 12.7 13.4 15.2 17.4 20.8 27.38.7 9.2 9.8 9.1 9.4 10.6 12.3 14.0 19.1 23.96.6 7.0 7.4 6.6 6.7 7.5 8.7 10.0 13.9 16.8 15.8




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970

6.1 6.5 6.8 6.0 6.1 6.8 7.8 8.8 12.0 14.3 13.1 13.84.4 4.6 4.7 3.9 3.8 4.2 4.9 5.4 7.8 9.2 7.5 7.1 -5.32.6 2.8 2.7 2.0 1.9 2.1 2.8 3.0 5.3 6.4 4.6 3.8 -7.0 -15.53.2 3.4 3.7 2.7 2.6 3.1 3.4 4.1 6.0 6.8 5.0 4.9 -5.3 -12.7 -11.64.3 4.6 4.8 4.1 4.0 4.5 5.1 5.7 7.6 8.5 7.1 7.1 -1.1 -6.6 -4.65.2 5.5 5.7 5.2 5.2 5.7 6.3 6.9 8.7 9.7 8.6 8.7 1.7 -2.7 -0.56.5 6.9 7.2 6.7 6.8 7.4 8.0 8.8 10.6 11.6 10.7 11.0 4.9 1.3 3.86.9 7.3 7.6 7.1 7.3 7.8 8.5 9.2 11.0 12.0 11.2 11.5 5.9 2.8 5.27.5 7.9 8.2 7.8 8.0 8.6 9.2 9.9 11.6 12.6 11.9 12.2 7.3 4.6 6.97.0 7.4 7.6 7.2 7.4 7.8 8.5 9.0 10.6 11.4 10.7 10.9 6.2 3.6 5.77.4 7.8 8.1 7.7 7.9 8.4 9.0 9.6 11.1 11.9 11.2 11.5 7.1 4.8 6.87.4 7.7 8.0 7.6 7.7 8.2 8.8 9.3 10.7 11.4 10.7 11.0 6.9 4.7 6.67.4 7.8 8.0 7.7 7.8 8.2 8.7 9.3 10.5 11.2 10.6 10.8 6.9 4.9 6.76.5 6.8 7.0 6.7 6.7 7.1 7.5 8.0 9.2 9.7 9.0 9.2 5.4 3.4 5.06.1 6.3 6.5 6.1 6.1 6.5 6.9 7.3 8.3 8.8 8.1 8.2 4.6 2.7 4.15.4 5.6 5.8 5.3 5.3 5.7 6.0 6.3 7.3 7.7 6.9 7.0 3.5 1.6 3.04.7 4.9 5.1 4.6 4.6 4.8 5.1 5.4 6.3 6.6 5.9 5.9 2.5 0.6 1.84.7 4.9 5.0 4.6 4.5 4.8 5.0 5.4 6.2 6.5 5.8 5.8 2.5 0.8 2.03.8 4.0 4.1 3.6 3.5 3.8 3.9 4.2 4.9 5.1 4.4 4.4 1.2 -0.6 0.63.1 3.2 3.3 2.8 2.7 2.9 3.0 3.3 4.0 4.1 3.4 3.3 0.2 -1.5 -0.53.5 3.6 3.7 3.2 3.2 3.4 3.5 3.8 4.4 4.6 3.8 3.8 0.9 -0.7 0.34.0 4.1 4.2 3.8 3.7 3.9 4.1 4.4 5.0 5.2 4.5 4.5 1.7 0.2 1.24.1 4.3 4.4 3.9 3.9 4.1 4.2 4.5 5.1 5.3 4.7 4.7 2.0 0.5 1.53.9 4.1 4.2 3.8 3.7 3.9 4.0 4.3 4.9 5.0 4.4 4.4 1.8 0.4 1.43.7 3.8 3.9 3.4 3.3 3.5 3.6 3.9 4.4 4.6 3.9 3.9 1.4 0.0 1.03.4 3.5 3.6 3.2 3.1 3.3 3.4 3.6 4.1 4.3 3.6 3.6 1.2 -0.2 0.83.2 3.2 3.3 2.9 2.8 2.9 3.0 3.3 3.7 3.8 3.2 3.2 0.8 -0.5 0.42.2 2.2 2.3 1.8 1.7 1.8 1.9 2.1 2.5 2.5 1.9 1.8 -0.5 -1.8 -1.02.4 2.4 2.5 2.0 1.9 2.0 2.1 2.3 2.7 2.8 2.1 2.1 -0.2 -1.4 -0.62.4 2.5 2.5 2.1 2.0 2.1 2.1 2.3 2.7 2.8 2.2 2.1 -0.1 -1.3 -0.53.3 3.4 3.5 3.1 3.0 3.2 3.2 3.5 3.9 4.0 3.4 3.4 1.3 0.2 1.03.5 3.6 3.7 3.3 3.2 3.4 3.5 3.7 4.1 4.2 3.7 3.7 1.6 0.5 1.34.4 4.5 4.6 4.2 4.2 4.4 4.5 4.7 5.1 5.3 4.8 4.8 2.8 1.8 2.64.4 4.5 4.6 4.2 4.2 4.4 4.5 4.7 5.1 5.2 4.8 4.8 2.9 1.9 2.74.3 4.4 4.5 4.1 4.1 4.2 4.3 4.5 4.9 5.1 4.6 4.6 2.8 1.8 2.54.2 4.3 4.4 4.0 4.0 4.1 4.2 4.5 4.8 5.0 4.5 4.5 2.7 1.8 2.53.9 3.9 4.1 3.7 3.6 3.8 3.8 4.1 4.4 4.5 4.1 4.1 2.3 1.4 2.13.7 3.8 3.9 3.6 3.5 3.7 3.7 4.0 4.3 4.4 4.0 4.0 2.2 1.3 2.04.2 4.3 4.4 4.1 4.0 4.2 4.3 4.5 4.8 4.9 4.5 4.5 2.8 2.0 2.6




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

-1.62.7 3.27.2 8.1 14.78.3 9.4 15.1 21.89.8 11.0 16.1 22.0 22.78.2 9.1 13.4 18.3 17.8 17.69.2 10.1 14.0 18.2 18.5 18.1 17.08.8 9.5 12.9 16.7 17.0 16.2 14.8 11.28.7 9.4 12.4 15.9 16.1 15.3 14.0 10.8 10.16.8 7.2 9.8 12.7 12.7 11.5 9.9 6.6 5.2 1.95.7 6.1 8.4 11.1 10.7 9.5 7.9 4.8 3.4 0.5 1.14.4 4.7 6.6 9.1 8.8 7.4 5.7 2.8 1.4 -1.4 -1.4 -4.33.2 3.3 5.0 7.2 6.9 5.4 3.6 0.7 -0.8 -3.7 -4.1 -7.1 -9.73.2 3.4 5.0 7.0 6.8 5.3 3.7 1.1 -0.2 -2.7 -2.9 -5.3 -7.1 -10.81.7 1.7 3.2 5.0 4.7 3.2 1.6 -0.9 -2.2 -4.6 -5.0 -7.3 -9.2 -12.7 -10.90.5 0.5 1.7 3.4 3.0 1.5 -0.2 -2.6 -4.0 -6.4 -7.0 -9.3 -11.2 -14.4 -13.31.3 1.3 2.6 4.2 3.9 2.6 1.1 -1.1 -2.2 -4.2 -4.5 -6.3 -7.7 -10.1 -8.42.2 2.3 3.5 5.1 4.9 3.7 2.3 0.4 -0.5 -2.2 -2.4 -3.7 -4.7 -6.5 -4.62.5 2.6 3.8 5.4 5.2 4.0 2.8 1.0 0.2 -1.4 -1.4 -2.6 -3.4 -4.9 -3.02.3 2.4 3.5 4.9 4.8 3.6 2.4 0.7 0.0 -1.5 -1.6 -2.7 -3.4 -4.8 -3.11.9 1.9 3.0 4.4 4.2 3.2 2.0 0.4 -0.3 -1.7 -1.7 -2.7 -3.4 -4.7 -3.11.6 1.7 2.7 4.1 3.8 2.8 1.7 0.2 -0.5 -1.8 -1.7 -2.7 -3.3 -4.5 -3.01.2 1.3 2.2 3.6 3.4 2.4 1.4 -0.1 -0.7 -1.9 -1.9 -2.8 -3.3 -4.4 -3.0

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EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

-15.2-9.2 -8.3-4.8 -3.4 0.9-2.9 -1.4 2.4 1.6-3.1 -1.8 1.4 0.5 4.4-3.0 -1.9 1.2 0.4 3.4 10.5-2.9 -1.9 1.1 0.3 2.8 8.9 6.1-2.9 -2.1 1.0 0.3 2.4 8.0 5.6 2.0-5.7 -5.2 -3.1 -4.1 -2.6 1.0 -2.2 -6.6 -10.2-4.3 -3.8 -1.6 -2.3 -0.9 2.7 0.1 -3.4 -5.8 -6.2-4.0 -3.4 -1.3 -2.0 -0.7 2.5 0.2 -2.6 -4.5 -4.3 -5.6-1.2 -0.5 1.4 1.0 2.6 5.4 3.7 1.7 0.6 1.4 1.6 2.1-0.9 -0.1 1.4 1.1 2.6 5.1 3.5 1.8 0.9 1.6 1.9 2.5 4.61.9 2.8 4.4 4.3 6.0 8.5 7.4 6.1 5.7 6.9 7.9 9.4 12.2 22.02.0 2.9 4.4 4.3 5.9 8.3 7.2 6.0 5.6 6.7 7.6 8.9 11.3 19.3 21.51.8 2.6 4.0 3.9 5.4 7.5 6.5 5.4 5.0 5.8 6.7 7.7 9.7 16.4 17.81.8 2.6 3.9 3.8 5.2 7.2 6.2 5.1 4.7 5.5 6.2 7.1 8.8 14.6 15.41.1 1.8 3.0 2.9 4.1 5.9 5.0 3.8 3.4 4.0 4.6 5.2 6.6 11.5 11.80.7 1.3 2.4 2.2 3.5 5.0 4.1 3.1 2.6 3.1 3.7 4.4 5.8 10.4 10.81.9 2.6 3.6 3.5 4.8 6.3 5.6 4.7 4.3 4.8 5.7 6.5 8.0 12.5 13.0




EndDate197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Start Date2001 2002 2003 2004 2005

22.318.5 12.213.9 7.9 4.213.0 7.6 6.3 -0.714.8 10.2 9.0 3.9 3.9



Documents

Ibbotson