
1926 through 2001 Source: Ibbotson Associates. 20% 1 15% 10% 5% - 0% - -5% -10% -15% -20% J FIGURE 30.3 Annual Real, After-Tax Bond Returns, 1926 through 2001 Source: Nominal and inflation data from Ibbotson Associates; tax adjustments by Goldman Sachs.