div class=ts-pagebuttonPage 1button div class=ts-image amp-img class=ts-thumb alt=Page 1: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails1jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 2button div class=ts-image amp-img class=ts-thumb alt=Page 2: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails2jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 3button div class=ts-image amp-img class=ts-thumb alt=Page 3: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails3jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 4button div class=ts-image amp-img class=ts-thumb alt=Page 4: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails4jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 5button div class=ts-image amp-img class=ts-thumb alt=Page 5: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails5jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 6button div class=ts-image amp-img class=ts-thumb alt=Page 6: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails6jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 7button div class=ts-image amp-img class=ts-thumb alt=Page 7: · VIEWPOINT Lessons from Capital Market History POPULAR BELIEFS AND STYLIZED FACTS +1 Stdev 69 Years Average 47 Years -1 Stdev 25 years By Harry S Marmer CFA src=https:reader036vdocumentssitereader036viewer20220626025edf822aad6a402d666ad9d5html5thumbnails7jpg width=142 height=106 layout=responsive amp-img divdiv