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72%

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0%

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100%

150%

200%

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$214B1996

$221B1998

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How many firms willbe economically

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1999

1998

1997

1996

1995

1994

1993

1992

Net New Cash Flows (Sales PlusReinvestments Less Redemptions)

Effect of MarketIncrease (Decrease)

0% 30%

21.6%

21.1%

25.3%

26.8%

19.0%

32.0% 68.0%

50.4% 49.6%

55.1% 44.9%

46.5% 53.5%

39.4% 60.6%

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64.2%

60.6%

35.8%

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2.0%

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S&P 500 Historical Average Since 1926 Historical Average Since 1970

S&P 500 HistoricReturn

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Long TermReturn

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7.1% Implied Return

3.4% Implied Return

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Global opportunitiesare greatest.

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8/15/2019 success in investment

http://slidepdf.com/reader/full/success-in-investment 21/52

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8/15/2019 success in investment

http://slidepdf.com/reader/full/success-in-investment 22/52

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8/15/2019 success in investment

http://slidepdf.com/reader/full/success-in-investment 42/52

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8/15/2019 success in investment

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8/15/2019 success in investment

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8/15/2019 success in investment

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