Page 33 - Mumme Booklet

DRAFT

FOCUS ON THE LONG TERM
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

While short-term volatility can shake investors’ nerves, annual returns of stocks have been
positive 73% of the time.

Taking a longer view, stock market returns over rolling five-year periods have been positive
87% of the time.

While holding stocks over the long-term cannot guarantee the elimination of losses,
over fifteen-year rolling periods stocks have not had a period of negative returns.

RISK OF STOCK MARKET DECLINE OVER TIME
1926-2019

60%
One-year returns
40%
73% 20%

of the time 0%
is positive* -20%
-40%
-60%
1926 1929 1932 1935 1938 1941 1944 1947 1950 1953 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019

60%
50% Five-year annualized returns
87% 40%
of the time 30%
20%
is positive* 10%
0%
-10%
-20%
1926 1929 1932 1935 1938 1941 1944 1947 1950 1953 1956 1959 1932 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019

60%
15-year annualized returns
50%
100% 40%
of the time 30%
is positive* 20%
10%
0%
1926 1929 1932 1935 1938 1941 1944 1947 1950 1953 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019

The chart is for illustrative purposes only and not intended as a recommendation. Past performance is not a guarantee of future results. All
investments carry risk including potential loss of principal and no investment strategy can guarantee a profit or completely protect against
loss. Indexes are unmanaged and cannot be invested in directly.
*Source: 2020 Morningstar Direct. Stocks are represented by the IA SBBI US Large Stock TR Index. All returns are from 1926 to 2019.

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This plan is not complete without the Assumptions and Disclosures pages appearing at the end.
3170326-1-4 January 29, 2021 Page 33 of 108