VM-21: Requirements for Principle-Based Reserves for ...

In 1999 Ibbotson took credit for the accuracy of his 1976 twenty five year forecast, noting the Dow had an annualized rate return of 16.3% vs. the 13% forecast. Ibbotson failed to mention that his 5th percentile forecast rate of return was 5.2% and the 95th percentile forecast rate of return was 21.5%. ................
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