world market index declines and subsequent growth

MSCI World Index Performance Growth of Wealth

January 1970–September 2014

$10,000

$1,000,000

$100,000,000

Jan 1970 Jun 1974 Dec 1978 May 1983 Nov 1987 May 1992 Oct 1996 Apr 2001 Sep 2005 Mar 2010 Sep 2014

Initial Portfolio

$ 1,000,000

Value as of Sep 2014

$44,998,441

Shaded areas represent

market declines of at

least 20%

In USD. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

MSCI data © MSCI 2014, all rights reserved.

MSCI World Index Performance Growth of Wealth and Select TIME Cover Stories

March 1973–September 1979

$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

$ 1,400,000

Mar 1973 Nov 1973 Jul 1974 Mar 1975 Nov 1975 Jun 1976 Feb 1977 Oct 1977 Jun 1978 Feb 1979 Sep 1979

Initial Portfolio

$ 1,000,000

Portfolio Low

$589,308

(Sep 1974)

5 Years after

Initial Investment

$954,069

(Mar1978)

5 Years after

Portfolio Low

$1,251,259

(Sep 1979)

18 Months 5 Years

5 Years

-41.1%

The headlines above are not offered to explain market returns. Instead, they serve as a reminder that investors should view daily events from a longer-term perspective and avoid making investment decisions

based solely on the news.



$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

$ 1,400,000

Mar 1973 Nov 1973 Jul 1974 Mar 1975 Nov 1975 Jun 1976 Feb 1977 Oct 1977 Jun 1978 Feb 1979 Sep 1979

Portfolio Low

$589,308

(Sep 1974)

5 Years after

Initial Investment

$954,069

(Mar1978)

5 Years after

Portfolio Low

$1,251,259

(Sep 1979)

-41.1%

MSCI World Index Performance





Growth of Wealth and Select TIME Cover Stories


“World Inflation”

“Doctoring the

Economy:

What Will Work?”

“Trying to Fight

Back: Inflation,

Recession, Oil”

“Economy: The

Big Headache”

“Can Capitalism

Survive?”

“America's Mood:

Hopeful—Sort of”

“Sky High Housing”

“The World

Over A Barrel”

“War on

Terrorism”

Initial Portfolio

$ 1,000,000

$ 500,000

$ 600,000

$ 700,000

$ 800,000

$ 900,000

$ 1,000,000

$ 1,100,000

$ 1,200,000

$ 1,300,000

Aug 1987 Mar 1988 Sep 1988 Mar 1989 Oct 1989 Apr 1990 Oct 1990 May 1991 Nov 1991 May 1992 Nov 1992







August 1987–November 1992

Initial Portfolio

$ 1,000,000

Portfolio Low

$795,274

(Nov 1987)

5 Years after

Initial Investment

$1,122,892

(Aug 1992)

5 Years after

Portfolio Low

$1,100,767

(Nov 1992)

3 Months

5 Years

5 Years

-20.5%

$ 500,000

$ 600,000

$ 700,000

$ 800,000

$ 900,000

$ 1,000,000

$ 1,100,000

$ 1,200,000

$ 1,300,000

Aug 1987 Mar 1988 Sep 1988 Mar 1989 Oct 1989 Apr 1990 Oct 1990 May 1991 Nov 1991 May 1992 Nov 1992

Initial Portfolio

$ 1,000,000

Portfolio Low

$795,274

(Nov 1987)

5 Years after

Initial Investment

$1,122,892

(Aug 1992)

5 Years after

Portfolio Low

$1,100,767

(Nov 1992)

-20.5%







August 1987–November 1992

“The Selling of America:

Foreign Investors

Buy, Buy, Buy”

“High Anxiety: Looming Recession,

Government Paralysis and the

Threat of War Are Giving

Americans a Case of the Jitters”

“Who's in Charge?

The Crash on Wall Street

Spotlights America's

Leadership Crisis”

“China in Turmoil”

“The S&L Debacle:

From Bad to Worse”

“War in the Gulf”

“The Economy:

Is There Light at the

End of the Tunnel?”

“Can America

Still Compete?” “Talk of War”

“The Recession:

How Bad Is It?”







December 1989–September 1995

$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

$ 1,400,000

$ 1,600,000

Dec 1989 Jul 1990 Feb 1991 Sep 1991 Apr 1992 Nov 1992 Jun 1993 Jan 1994 Aug 1994 Mar 1995 Sep 1995

Initial Portfolio

$ 1,000,000

Portfolio Low

$756,622

(Sep 1990)

5 Years after

Initial Investment

$1,197,426

(Dec 1994)

5 Years after

Portfolio Low

$1,379,932

(Sep 1995)

9 Months

5 Years

5 Years

-24.3%

$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

$ 1,400,000

$ 1,600,000

Dec 1989 Jul 1990 Feb 1991 Sep 1991 Apr 1992 Nov 1992 Jun 1993 Jan 1994 Aug 1994 Mar 1995 Sep 1995

Initial Portfolio

$ 1,000,000

Portfolio Low

$756,622

(Sep 1990)

5 Years after

Initial Investment

$1,197,426

(Dec 1994)

5 Years after

Portfolio Low

$1,379,932

(Sep 1995)

-24.3%







December 1989–September 1995

“Talk of War”

“What Ever

Happened

to the Great

American Job?”

“High Anxiety: Looming

Recession, Government

Paralysis and the Threat

of War Are Giving

Americans the Jitters”

“Can America

Still Compete?”

“War in the

Gulf”

“The Recession:

How Bad Is It?”

“Boom for Whom?

Poverty in

Boom Times” “The Economy:

Is There Light at the

End of the Tunnel?”








$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

$ 1,400,000

Mar 2000 Dec 2000 Sep 2001 Jun 2002 Mar 2003 Dec 2003 Sep 2004 Jun 2005 Mar 2006 Dec 2006 Sep 2007

Initial Portfolio

$ 1,000,000

Portfolio Low

$532,005

(Sep 2002)

5 Years after

Initial Investment

$864,820

(Mar 2005)

5 Years after

Portfolio Low

$1,284,615

(Sep 2007)

30 Months 5 Years

5 Years

-46.8%

$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

$ 1,400,000

Mar 2000 Dec 2000 Sep 2001 Jun 2002 Mar 2003 Dec 2003 Sep 2004 Jun 2005 Mar 2006 Dec 2006 Sep 2007

Initial Portfolio

$ 1,000,000

Portfolio Low

$532,005

(Sep 2002)

5 Years after

Initial Investment

$864,820

(Mar 2005)

5 Years after

Portfolio Low

$1,284,615

(Sep 2007)

-46.8%








“Terror in the

Middle East”

“Looking beyond

the Bear”

“How to Survive

the Slump”

“The Enron Mess:

How Sticky Will

It Get?”

“Can We Stop

the Next 9/11?”

“America the

Anxious”

“Is It Too Late to

Win the War?”

“Hey, Where's My Raise?

Paychecks Are Shrinking

for Millions of Americans”

“The Truth

about SARS” “Iraq Breaking Point”

“What War with Iran

Would Look Like”







October 2007–February 2014

$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

Oct 2007 Jun 2008 Feb 2009 Sep 2009 May 2010 Dec 2010 Aug 2011 Apr 2012 Nov 2012 Jul 2013 Feb 2014

Initial Portfolio

$ 1,000,000

Portfolio Low

$459,709

(Feb 2009)

5 Years after

Initial Investment

$864,642

(Oct 2012)

5 Years after

Portfolio Low

$1,142,808

(Feb 2014)

16 Months 5 Years

5 Years

-54.0%

$ 0

$ 200,000

$ 400,000

$ 600,000

$ 800,000

$ 1,000,000

$ 1,200,000

Oct 2007 Jun 2008 Feb 2009 Sep 2009 May 2010 Dec 2010 Aug 2011 Apr 2012 Nov 2012 Jul 2013 Feb 2014

Initial Portfolio

$ 1,000,000

Portfolio Low

$459,709

(Feb 2009)

5 Years after

Initial Investment

$864,642

(Oct 2012)

5 Years after

Portfolio Low

$1,142,808

(Feb 2014)

-54.0%







October 2007–February 2014

“Surviving the

Lean Economy”

“How Wall Street Won:

Five Years after the Crash,

It Could Happen All Over Again”

“Out of Work

in America”

“Yes, America

Is in Decline” “The Wimpy

Recovery”

“The Bailout Bomb:

Why AIG=WMD”

“What Recovery?

The Five Myths

about the Economy”

“How Wall Street

Sold Out America”

“The New

Hard Times”

“The Decade

from Hell”

world market index declines and subsequent growth

Economy & Finance