Understanding the Tradeoffs Canada 1900–2010 Nominal Annualized Returns Inflation Bills Equities Preservation of Capital Preservation of Purchasing Power Risk-Free or Risky? BillsEquities Peak to Trough:18 Years4 Years Recovery:34 Years3 Years Equities Bills Worst-Performing Periods Nominal Total Returns (1929–1934) (1945) Worst-Performing Periods Real Total Returns EquitiesBills (1934–1951) (1929–1932) Dimson Marsh Staunton (DMS) Global Returns Database. In Canadian dollars. 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. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money.

Understanding the Tradeoffs Australia 1900–2010 Nominal Annualized Returns Inflation Bills Equities Risk-Free or Risky? BillsEquities Peak to Trough:41 Years5 Years Recovery:21 Years11 Years Preservation of Capital Preservation of Purchasing Power Worst-Performing Periods Nominal Total Returns Equities Bills (1950) (1970–1974) Worst-Performing Periods Real Total Returns EquitiesBills (1937–1977) (1970–1974) Dimson Marsh Staunton (DMS) Global Returns Database. In Australian dollars. 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. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money.

Understanding the Tradeoffs US 1900–2010 Nominal Annualized Returns Inflation Bills Equities Risk-Free or Risky? BillsEquities Peak to Trough:19 Years4 Years Recovery:48 Years4 Years Preservation of Capital Preservation of Purchasing Power Worst-Performing Periods Nominal Total Returns EquitiesBills -0.02% (1938) (1929–1932) Worst-Performing Periods Real Total Returns EquitiesBills (1933–1951) (1929–1931) Dimson Marsh Staunton (DMS) Global Returns Database. In US dollars. 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. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money.

Understanding the Tradeoffs UK 1900–2010 Nominal Annualized Returns Inflation Bills Equities Risk-Free or Risky? BillsEquities Peak to Trough:7 Years2 Years Recovery:7 Years9 Years Preservation of Capital Preservation of Purchasing Power (1935) Worst-Performing Periods Nominal Total Returns Equities Bills (1973–1974) Worst-Performing Periods Real Total Returns EquitiesBills (1914–1920) (1973–1974) Dimson Marsh Staunton (DMS) Global Returns Database. In British pounds. 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. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money.