.. ......iiiillil! 1 II 1 j 1 - * S! -30% -20% -10% 0% 10% 20% 30% 40% 50% Annualized Return Rolling Five-Year Holding Periods 25% were negative   -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 60% 90% 100% Annualized Return Rolling Twenty-Five Year Holding Periods     1 No negative results J Real wealth accumulation in all periods     s 1     III     III     III     Mi -40% -30% -20% -1C 20% 30% 40% 50% 60% 70% 60% 90% 100% Annualized Return FIGURE 30.6 Longer Horizons Narrow the Range of Annualized Returns: Distribution of Real, After-Tax Returns on U.S. Stocks, 1926 through 2001 Source: Nominal and inflation data from Ibbotson Associates; tax adjustments by Goldman Sachs.