ROLLING 10YEAR STOCK MARKET RETURN-

S&P 500: Annualized

ROLLING 10-YEAR STOCK MARKET RETURN

Total Return Before Transaction Costs (1900-2020)

20%

15% 10%

Avg. = 10%

5%

0%

-5%

-10% 1909

1923 1937 1951 1965 1979 1993 2007 Ending Year Of 10-Year Period

Copyright 2004-2021, Crestmont Research ()

2021

S&P 500: Annualized Return

10-YEAR STOCK MARKET RETURN (COMPONENTS)

Total Return Before Transaction Costs (1900-2020) 20%

15%

10%

5%

0%

-5%

-10% 1909 1923 1937 1951 1965 1979 1993 2007 2021 P/E Increase P/E Decrease Dividend Yield EPS Growth

Copyright 2004-2021, Crestmont Research ()

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