Returns by year

Annual Returns US: Stocks, T-Bonds, T-Bills

60.00%

50.00%

40.00%

30.00%

20.00%

10.00% S&P500
3-Month T-
Bills
10-Year T-
Bonds
0.00%
1925

1935

1945

1955

1965

1975

1985

1995

2005

2015
-10.00%

-20.00%

-30.00%

-40.00%

-50.00%

Page 1
 Returns by year

S&P500
3-Month T-
Bills
10-Year T-
Bonds
2015

Page 2
 S&P 500 & Raw Data

Year S&P500 Dividends DividendYield T.Bondrate Returnonbond Jan1notes

1927 17.66 0.62 3.50% 3.17%
1928 24.35 1.05 4.30% 3.45% 0.84%
1929 21.45 0.88 4.10% 3.36% 4.20%
1930 15.34 0.72 4.70% 3.22% 4.54%
1931 8.12 0.50 6.10% 3.93% 2.56%
1932 6.92 0.50 7.20% 3.35% 8.79%
1933 9.97 0.41 4.10% 3.53% 1.86%
1934 9.5 0.35 3.70% 3.01% 7.96%
1935 13.43 0.51 3.80% 2.84% 4.47%
1936 17.18 0.54 3.14% 2.59% 5.02%
1937 10.55 0.56 5.30% 2.73% 1.38%
1938 13.14 0.50 3.80% 2.56% 4.21%
1939 12.46 0.54 4.30% 2.35% 4.41%
1940 10.58 0.55 5.20% 2.01% 5.40%
1941 8.69 0.54 6.20% 2.47% 2.02%
1942 9.77 0.59 6.00% 2.49% 2.29%
1943 11.67 0.55 4.70% 2.49% 2.49%
1944 13.28 0.61 4.60% 2.48% 2.58%
1945 17.36 0.68 3.90% 2.33% 3.80%
1946 15.3 0.60 3.90% 2.24% 3.13%
1947 15.3 0.80 5.20% 2.39% 0.92%
1948 15.2 0.97 6.40% 2.44% 1.95%
1949 16.79 1.19 7.10% 2.19% 4.66%
1950 20.43 1.53 7.50% 2.39% 0.43%
1951 23.77 1.50 6.30% 2.70% 0.30%
1952 26.57 1.51 5.70% 2.75% 2.27%
1953 24.81 1.44 5.80% 2.59% 4.14%
1954 35.98 1.87 5.20% 2.51% 3.29%
1955 45.48 2.23 4.90% 2.96% 1.34%
1956 46.67 2.19 4.70% 3.59% 2.26%
1957 39.99 1.80 4.50% 3.21% 6.80%
1958 55.21 2.26 4.10% 3.86% 2.10%
1959 59.89 1.98 3.30% 4.69% 2.65%
1960 58.11 1.98 3.41% 3.84% 11.64%
1961 71.55 2.04 2.85% 4.06% 2.06%
1962 63.1 2.15 3.40% 3.86% 5.69%
1963 75.02 2.35 3.13% 4.13% 1.68%
1964 84.75 2.58 3.05% 4.18% 3.73%

Page 3
 S&P 500 & Raw Data

1965 92.43 2.83 3.06% 4.62% 0.72%

1966 80.33 2.88 3.59% 4.84% 2.91%
1967 96.47 2.98 3.09% 5.70% 1.58%
1968 103.86 3.04 2.93% 6.03% 3.27%
1969 92.06 3.24 3.52% 7.65% 5.01%
1970 92.15 3.19 3.46% 6.39% 16.75%
1971 102.09 3.16 3.10% 5.93% 9.79%
1972 118.05 3.19 2.70% 6.36% 2.82%
1973 97.55 3.61 3.70% 6.74% 3.66%
1974 68.56 3.72 5.43% 7.43% 1.99%
1975 90.19 3.73 4.14% 8.00% 3.61%
1976 107.46 4.22 3.93% 6.87% 15.98%
1977 95.1 4.86 5.11% 7.69% 1.29%
1978 96.11 5.18 5.39% 9.01% 0.78%
1979 107.94 5.97 5.53% 10.39% 0.67%
1980 135.76 6.44 4.74% 12.84% 2.99%
1981 122.55 6.83 5.57% 13.72% 8.20%
1982 140.64 6.93 4.93% 10.54% 32.81%
1983 164.93 7.12 4.32% 11.83% 3.20%
1984 167.24 7.83 4.68% 11.50% 13.73%
1985 211.28 8.20 3.88% 9.26% 25.71%
1986 242.17 8.19 3.38% 7.11% 24.28%
1987 247.08 9.17 3.71% 8.99% 4.96%
1988 277.72 10.22 3.68% 9.11% 8.22%
1989 353.4 11.73 3.32% 7.84% 17.69%
1990 330.22 12.35 3.74% 8.08% 6.24%
1991 417.09 12.97 3.11% 7.09% 15.00%
1992 435.71 12.64 2.90% 6.77% 9.36%
1993 466.45 12.69 2.72% 5.77% 14.21%
1994 459.27 13.36 2.91% 7.81% 8.04%
1995 615.93 14.17 2.30% 5.71% 23.48%
1996 740.74 14.89 2.01% 6.30% 1.43%
1997 970.43 15.52 1.60% 5.81% 9.94%
1998 1229.23 16.20 1.32% 4.65% 14.92%
1999 1469.25 16.71 1.14% 6.44% 8.25%
2000 1320.28 16.27 1.23% 5.11% 16.66%
2001 1148.09 15.74 1.37% 5.05% 5.57%
2002 879.82 16.08 1.83% 3.82% 15.12%
2003 1111.91 17.39 1.56% 4.25% 0.38%
2004 1211.92 19.44 1.60% 4.22% 4.49%

Page 4
 S&P 500 & Raw Data

2005 1248.29 22.22 1.78% 4.39% 2.87%

2006 1418.3 24.88 1.75% 4.70% 1.96%
2007 1468.36 27.73 1.89% 4.02% 10.21%
2008 903.25 28.39 3.14% 2.21% 20.10%
2009 1115.1 22.41 2.01% 3.84% 11.12%
2010 1257.64 22.73 1.81% 3.29% 8.46%
2011 1257.6 26.43 2.10% 1.88% 16.04%
2012 1426.19 31.25 2.19% 1.76% 2.97%
2013 1848.36 36.28 1.96% 3.04% 9.10%
2014 2058.9 39.44 1.92% 2.17% 10.75%
2015 2043.9 43.00 2.10% 2.27% 1.28% ! Used estimated dividend

Page 5
 S&P 500 & Raw Data

sed estimated dividend for 2014, based upon Dec 2014 estimated dividend yield for S&P 500

Page 6
 T. Bill rates

Title: 3-Month Treasury Bill: Secondary Market Rate

Series ID: TB3MS
Source: Board of Governors of the Federal Reserve System
Release: H.15 Selected Interest Rates
Seasonal Adju Not Applicable
Frequency: Monthly
Units: Percent
Date Range: 1934-01-01 to 2008-11-01
Last Updated: 2008-12-02 10:34 AM CST
Notes: Averages of Business Days, Discount Basis

DATE VALUE Year Sum

Jan-34 0.72 1934 1.29
Feb 0.62 1935 0.7
Mar 0.24 1936 0.7
Apr 0.15 1937 1.21
May 0.16 1938 0.31
June 0.15 1939 0.15
july 0.15 1940 0.10
Aug 0.19 1941 0.33
Sept 0.21 1942 1.35
Oct 0.27 1943 1.52
Nov 0.25 1944 1.52
Dec 0.23 1945 1.52
Jan-35 0.20 1946 1.52
Feb 0.19 1947 2.27
Mar 0.15 1948 4.09
Apr 0.15 1949 4.41
May 0.15 1950 4.69
June 0.15 1951 5.91
july 0.15 1952 6.69
Aug 0.16 1953 7.57
Sept 0.20 1954 3.85
Oct 0.20 1955 6.64
Nov 0.16 1956 10.22
Dec 0.15 1957 12.92
Jan-36 0.20 1958 7.11
Feb 0.20 1959 13.02
Mar 0.20 1960 12.18
Apr 0.20 1961 9.07
May 0.20 1962 11.11
June 0.20 1963 12.44
july 0.15 1964 14.02
Aug 0.20 1965 15.61
Sept 0.16 1966 19.36
Oct 0.13 1967 17.33
Nov 0.11 1968 21.04
Dec 0.12 1969 26.25
Jan-37 0.17 1970 26.74
Feb 0.15 1971 18.16

Page 7
 T. Bill rates

Mar 0.38 1972 15.81

Apr 0.56 1973 26.90
May 0.41 1974 31.11
June 0.36 1975 23.96
july 0.28 1976 19.88
Aug 0.29 1977 20.51
Sept 0.31 1978 27.73
Oct 0.20 1979 39.75
Nov 0.09 1980 44.88
Dec 0.11 1981 57.20
Jan-38 0.10 1982 44.04
Feb 0.08 1983 33.79
Mar 0.08 1984 38.45
Apr 0.09 1985 29.95
May 0.05 1986 24.14
June 0.05 1987 22.89
july 0.07 1988 25.80
Aug 0.06 1989 32.44
Sept 0.08 1990 30.20
Oct 0.05 1991 22.44
Nov 0.04 1992 13.62
Dec 0.03 1993 11.93
Jan-39 0.03 1994 15.94
Feb 0.03 1995 22.06
Mar 0.03 1996 20.09
Apr 0.03 1997 20.21
May 0.03 1998 18.91
June 0.03 1999 18.04
july 0.04 2000 23.05
Aug 0.05 2001 14.69
Sept 0.14 2002 6.63
Oct 0.05 2003 4.12
Nov 0.05 2004 4.91
Dec 0.04 2005 12.04
Jan-40 0.01 2006 18.71
Feb 0.02 2007 18.57
Mar 0.02 2008 6.34
Apr 0.02 2009 0.54
May 0.06 2010
June 0.10 2011
july 0.05
Aug 0.04
Sept 0.05
Oct 0.02
Nov 0.02
Dec 0.02
Jan-41 0.02
Feb 0.04
Mar 0.11
Apr 0.10

Page 8
 T. Bill rates

May 0.11
June 0.12
july 0.12
Aug 0.13
Sept 0.10
Oct 0.09
Nov 0.28
Dec 0.33
Jan-42 0.27
Feb 0.25
Mar 0.25
Apr 0.32
May 0.37
June 0.37
july 0.38
Aug 0.38
Sept 0.38
Oct 0.38
Nov 0.38
Dec 0.38
Jan-43 0.38
Feb 0.38
Mar 0.38
Apr 0.38
May 0.38
June 0.38
july 0.38
Aug 0.38
Sept 0.38
Oct 0.38
Nov 0.38
Dec 0.38
Jan-44 0.38
Feb 0.38
Mar 0.38
Apr 0.38
May 0.38
June 0.38
july 0.38
Aug 0.38
Sept 0.38
Oct 0.38
Nov 0.38
Dec 0.38
Jan-45 0.38
Feb 0.38
Mar 0.38
Apr 0.38
May 0.38
June 0.38

Page 9
 T. Bill rates

july 0.38
Aug 0.38
Sept 0.38
Oct 0.38
Nov 0.38
Dec 0.38
Jan-46 0.38
Feb 0.38
Mar 0.38
Apr 0.38
May 0.38
June 0.38
july 0.38
Aug 0.38
Sept 0.38
Oct 0.38
Nov 0.38
Dec 0.38
Jan-47 0.38
Feb 0.38
Mar 0.38
Apr 0.38
May 0.38
June 0.38
july 0.66
Aug 0.75
Sept 0.80
Oct 0.85
Nov 0.92
Dec 0.95
Jan-48 0.97
Feb 1.00
Mar 1.00
Apr 1.00
May 1.00
June 1.00
july 1.00
Aug 1.06
Sept 1.09
Oct 1.12
Nov 1.14
Dec 1.16
Jan-49 1.17
Feb 1.17
Mar 1.17
Apr 1.17
May 1.17
June 1.17
july 1.02
Aug 1.04

Page 10
 T. Bill rates

Sept 1.07
Oct 1.05
Nov 1.08
Dec 1.10
Jan-50 1.07
Feb 1.12
Mar 1.12
Apr 1.15
May 1.16
June 1.15
july 1.16
Aug 1.20
Sept 1.30
Oct 1.31
Nov 1.36
Dec 1.34
Jan-51 1.34
Feb 1.36
Mar 1.40
Apr 1.47
May 1.55
June 1.45
july 1.56
Aug 1.62
Sept 1.63
Oct 1.54
Nov 1.56
Dec 1.73
Jan-52 1.57
Feb 1.54
Mar 1.59
Apr 1.57
May 1.67
June 1.70
july 1.81
Aug 1.83
Sept 1.71
Oct 1.74
Nov 1.85
Dec 2.09
Jan-53 1.96
Feb 1.97
Mar 2.01
Apr 2.19
May 2.16
June 2.11
july 2.04
Aug 2.04
Sept 1.79
Oct 1.38

Page 11
 T. Bill rates

Nov 1.44
Dec 1.60
Jan-54 1.18
Feb 0.97
Mar 1.03
Apr 0.97
May 0.76
June 0.64
july 0.72
Aug 0.92
Sept 1.01
Oct 0.98
Nov 0.93
Dec 1.15
Jan-55 1.22
Feb 1.17
Mar 1.28
Apr 1.59
May 1.45
June 1.41
july 1.60
Aug 1.90
Sept 2.07
Oct 2.23
Nov 2.24
Dec 2.54
Jan-56 2.41
Feb 2.32
Mar 2.25
Apr 2.60
May 2.61
June 2.49
july 2.31
Aug 2.60
Sept 2.84
Oct 2.90
Nov 2.99
Dec 3.21
Jan-57 3.11
Feb 3.10
Mar 3.08
Apr 3.07
May 3.06
June 3.29
july 3.16
Aug 3.37
Sept 3.53
Oct 3.58
Nov 3.31
Dec 3.04

Page 12
 T. Bill rates

Jan-58 2.44
Feb 1.53
Mar 1.30
Apr 1.13
May 0.91
June 0.83
july 0.91
Aug 1.69
Sept 2.44
Oct 2.63
Nov 2.67
Dec 2.77
Jan-59 2.82
Feb 2.70
Mar 2.80
Apr 2.95
May 2.84
June 3.21
july 3.20
Aug 3.38
Sept 4.04
Oct 4.05
Nov 4.15
Dec 4.49
Jan-60 4.35
Feb 3.96
Mar 3.31
Apr 3.23
May 3.29
June 2.46
july 2.30
Aug 2.30
Sept 2.48
Oct 2.30
Nov 2.37
Dec 2.25
Jan-61 2.24
Feb 2.42
Mar 2.39
Apr 2.29
May 2.29
June 2.33
july 2.24
Aug 2.39
Sept 2.28
Oct 2.30
Nov 2.48
Dec 2.60
Jan-62 2.72
Feb 2.73

Page 13
 T. Bill rates

Mar 2.72
Apr 2.73
May 2.69
June 2.73
july 2.92
Aug 2.82
Sept 2.78
Oct 2.74
Nov 2.83
Dec 2.87
Jan-63 2.91
Feb 2.92
Mar 2.89
Apr 2.90
May 2.93
June 2.99
july 3.18
Aug 3.32
Sept 3.38
Oct 3.45
Nov 3.52
Dec 3.52
Jan-64 3.52
Feb 3.53
Mar 3.54
Apr 3.47
May 3.48
June 3.48
july 3.46
Aug 3.50
Sept 3.53
Oct 3.57
Nov 3.64
Dec 3.84
Jan-65 3.81
Feb 3.93
Mar 3.93
Apr 3.93
May 3.89
June 3.80
july 3.84
Aug 3.84
Sept 3.92
Oct 4.03
Nov 4.09
Dec 4.38
Jan-66 4.59
Feb 4.65
Mar 4.59
Apr 4.62

Page 14
 T. Bill rates

May 4.64
June 4.50
july 4.80
Aug 4.96
Sept 5.37
Oct 5.35
Nov 5.32
Dec 4.96
Jan-67 4.72
Feb 4.56
Mar 4.26
Apr 3.84
May 3.60
June 3.54
july 4.21
Aug 4.27
Sept 4.42
Oct 4.56
Nov 4.73
Dec 4.97
Jan-68 5.00
Feb 4.98
Mar 5.17
Apr 5.38
May 5.66
June 5.52
july 5.31
Aug 5.09
Sept 5.19
Oct 5.35
Nov 5.45
Dec 5.96
Jan-69 6.14
Feb 6.12
Mar 6.02
Apr 6.11
May 6.04
June 6.44
july 7.00
Aug 6.98
Sept 7.09
Oct 7.00
Nov 7.24
Dec 7.82
Jan-70 7.87
Feb 7.13
Mar 6.63
Apr 6.51
May 6.84
June 6.68

Page 15
 T. Bill rates

july 6.45
Aug 6.41
Sept 6.12
Oct 5.91
Nov 5.28
Dec 4.87
Jan-71 4.44
Feb 3.70
Mar 3.38
Apr 3.86
May 4.14
June 4.75
july 5.40
Aug 4.94
Sept 4.69
Oct 4.46
Nov 4.22
Dec 4.01
Jan-72 3.38
Feb 3.20
Mar 3.73
Apr 3.71
May 3.69
June 3.91
july 3.98
Aug 4.02
Sept 4.66
Oct 4.74
Nov 4.78
Dec 5.07
Jan-73 5.41
Feb 5.60
Mar 6.09
Apr 6.26
May 6.36
June 7.19
july 8.01
Aug 8.67
Sept 8.29
Oct 7.22
Nov 7.83
Dec 7.45
Jan-74 7.77
Feb 7.12
Mar 7.96
Apr 8.33
May 8.23
June 7.90
july 7.55
Aug 8.96

Page 16
 T. Bill rates

Sept 8.06
Oct 7.46
Nov 7.47
Dec 7.15
Jan-75 6.26
Feb 5.50
Mar 5.49
Apr 5.61
May 5.23
June 5.34
july 6.13
Aug 6.44
Sept 6.42
Oct 5.96
Nov 5.48
Dec 5.44
Jan-76 4.87
Feb 4.88
Mar 5.00
Apr 4.86
May 5.20
June 5.41
july 5.23
Aug 5.14
Sept 5.08
Oct 4.92
Nov 4.75
Dec 4.35
Jan-77 4.62
Feb 4.67
Mar 4.60
Apr 4.54
May 4.96
June 5.02
july 5.19
Aug 5.49
Sept 5.81
Oct 6.16
Nov 6.10
Dec 6.07
Jan-78 6.44
Feb 6.45
Mar 6.29
Apr 6.29
May 6.41
June 6.73
july 7.01
Aug 7.08
Sept 7.85
Oct 7.99

Page 17
 T. Bill rates

Nov 8.64
Dec 9.08
Jan-79 9.35
Feb 9.32
Mar 9.48
Apr 9.46
May 9.61
June 9.06
july 9.24
Aug 9.52
Sept 10.26
Oct 11.70
Nov 11.79
Dec 12.04
Jan-80 12.00
Feb 12.86
Mar 15.20
Apr 13.20
May 8.58
June 7.07
july 8.06
Aug 9.13
Sept 10.27
Oct 11.62
Nov 13.73
Dec 15.49
Jan-81 15.02
Feb 14.79
Mar 13.36
Apr 13.69
May 16.30
June 14.73
july 14.95
Aug 15.51
Sept 14.70
Oct 13.54
Nov 10.86
Dec 10.85
Jan-82 12.28
Feb 13.48
Mar 12.68
Apr 12.70
May 12.09
June 12.47
july 11.35
Aug 8.68
Sept 7.92
Oct 7.71
Nov 8.07
Dec 7.94

Page 18
 T. Bill rates

Jan-83 7.86
Feb 8.11
Mar 8.35
Apr 8.21
May 8.19
June 8.79
july 9.08
Aug 9.34
Sept 9.00
Oct 8.64
Nov 8.76
Dec 9.00
Jan-84 8.90
Feb 9.09
Mar 9.52
Apr 9.69
May 9.83
June 9.87
july 10.12
Aug 10.47
Sept 10.37
Oct 9.74
Nov 8.61
Dec 8.06
Jan-85 7.76
Feb 8.27
Mar 8.52
Apr 7.95
May 7.48
June 6.95
july 7.08
Aug 7.14
Sept 7.10
Oct 7.16
Nov 7.24
Dec 7.10
Jan-86 7.07
Feb 7.06
Mar 6.56
Apr 6.06
May 6.15
June 6.21
july 5.83
Aug 5.53
Sept 5.21
Oct 5.18
Nov 5.35
Dec 5.53
Jan-87 5.43
Feb 5.59

Page 19
 T. Bill rates

Mar 5.59
Apr 5.64
May 5.66
June 5.67
july 5.69
Aug 6.04
Sept 6.40
Oct 6.13
Nov 5.69
Dec 5.77
Jan-88 5.81
Feb 5.66
Mar 5.70
Apr 5.91
May 6.26
June 6.46
july 6.73
Aug 7.06
Sept 7.24
Oct 7.35
Nov 7.76
Dec 8.07
Jan-89 8.27
Feb 8.53
Mar 8.82
Apr 8.65
May 8.43
June 8.15
july 7.88
Aug 7.90
Sept 7.75
Oct 7.64
Nov 7.69
Dec 7.63
Jan-90 7.64
Feb 7.74
Mar 7.90
Apr 7.77
May 7.74
June 7.73
july 7.62
Aug 7.45
Sept 7.36
Oct 7.17
Nov 7.06
Dec 6.74
Jan-91 6.22
Feb 5.94
Mar 5.91
Apr 5.65

Page 20
 T. Bill rates

May 5.46
June 5.57
july 5.58
Aug 5.33
Sept 5.22
Oct 4.99
Nov 4.56
Dec 4.07
Jan-92 3.80
Feb 3.84
Mar 4.04
Apr 3.75
May 3.63
June 3.66
july 3.21
Aug 3.13
Sept 2.91
Oct 2.86
Nov 3.13
Dec 3.22
Jan-93 3.00
Feb 2.93
Mar 2.95
Apr 2.87
May 2.96
June 3.07
july 3.04
Aug 3.02
Sept 2.95
Oct 3.02
Nov 3.10
Dec 3.06
Jan-94 2.98
Feb 3.25
Mar 3.50
Apr 3.68
May 4.14
June 4.14
july 4.33
Aug 4.48
Sept 4.62
Oct 4.95
Nov 5.29
Dec 5.60
Jan-95 5.71
Feb 5.77
Mar 5.73
Apr 5.65
May 5.67
June 5.47

Page 21
 T. Bill rates

july 5.42
Aug 5.40
Sept 5.28
Oct 5.28
Nov 5.36
Dec 5.14 5.49
Jan-96 5.00
Feb 4.83
Mar 4.96
Apr 4.95
May 5.02
June 5.09
july 5.15
Aug 5.05
Sept 5.09
Oct 4.99
Nov 5.03
Dec 4.91 5.01
Jan-97 5.03
Feb 5.01
Mar 5.14
Apr 5.16
May 5.05
June 4.93
july 5.05
Aug 5.14
Sept 4.95
Oct 4.97
Nov 5.14
Dec 5.16 5.06
Jan-98 5.04
Feb 5.09
Mar 5.03
Apr 4.95
May 5.00
June 4.98
july 4.96
Aug 4.90
Sept 4.61
Oct 3.96
Nov 4.41
Dec 4.39 4.78
Jan-99 4.34
Feb 4.44
Mar 4.44
Apr 4.29
May 4.50
June 4.57
july 4.55
Aug 4.72

Page 22
 T. Bill rates

Sept 4.68
Oct 4.86
Nov 5.07
Dec 5.20 4.64
Jan-00 5.32
Feb 5.55
Mar 5.69
Apr 5.66
May 5.79
June 5.69
july 5.96
Aug 6.09
Sept 6.00
Oct 6.11
Nov 6.17
Dec 5.77 5.82
Jan-01 5.15
Feb 4.88
Mar 4.42
Apr 3.87
May 3.62
June 3.49
july 3.51
Aug 3.36
Sept 2.64
Oct 2.16
Nov 1.87
Dec 1.69 3.39
Jan-02 1.65
Feb 1.73
Mar 1.79
Apr 1.72
May 1.73
June 1.70
july 1.68
Aug 1.62
Sept 1.63
Oct 1.58
Nov 1.23
Dec 1.19 1.60
Jan-03 1.17
Feb 1.17
Mar 1.13
Apr 1.13
May 1.07
June 0.92
july 0.90
Aug 0.95
Sept 0.94
Oct 0.92

Page 23
 T. Bill rates

Nov 0.93
Dec 0.90 1.01
Jan-04 0.88
Feb 0.93
Mar 0.94
Apr 0.94
May 1.02
June 1.27
july 1.33
Aug 1.48
Sept 1.65
Oct 1.76
Nov 2.07
Dec 2.19 1.37
Jan-05 2.33
Feb 2.54
Mar 2.74
Apr 2.78
May 2.84
June 2.97
july 3.22
Aug 3.44
Sept 3.42
Oct 3.71
Nov 3.88
Dec 3.89 3.15
Jan-06 4.24
Feb 4.43
Mar 4.51
Apr 4.60
May 4.72
June 4.79
july 4.95
Aug 4.96
Sept 4.81
Oct 4.92
Nov 4.94
Dec 4.85 4.73
Jan-07 4.98
Feb 5.03
Mar 4.94
Apr 4.87
May 4.73
June 4.61
july 4.82
Aug 4.20
Sept 3.89
Oct 3.90
Nov 3.27
Dec 3.00 4.35

Page 24
 T. Bill rates

Jan-08 2.75
Feb 2.12
Mar 1.26
Apr 1.29
May 1.73
June 1.86
july 1.63
Aug 1.72
Sept 1.13
Oct 0.67
Nov 0.19
Dec 0.03 1.37
January 09 0.13
Feb 0.30
Mar 0.21
Apr 0.16
May 0.18
June 0.18
July 0.18
Aug 0.17
Sept 0.12
Oct 0.07
Nov 0.05
Dec 0.14 0.16

Page 25
 T. Bill rates

Average
0.32%
0.18%
0.17%
0.30%
0.08%
0.04%
0.03%
0.08%
0.34%
0.38%
0.38%
0.38%
0.38%
0.57%
1.02%
1.10%
1.17%
1.48%
1.67%
1.89%
0.96%
1.66%
2.56%
3.23%
1.78%
3.26%
3.05%
2.27%
2.78%
3.11%
3.51%
3.90%
4.84%
4.33%
5.26%
6.56%
6.69%
4.54%

Page 26
 T. Bill rates

3.95%
6.73%
7.78%
5.99%
4.97%
5.13%
6.93%
9.94%
11.22%
14.30%
11.01%
8.45%
9.61%
7.49%
6.04%
5.72%
6.45%
8.11%
7.55%
5.61%
3.41%
2.98%
3.99%
5.52%
5.02%
5.05%
4.73%
4.51%
5.76%
3.67%
1.66%
1.03%
1.23%
3.01%
4.68%
4.64%
1.59%
0.14%

Page 27
 T. Bond return

Bond used: UStreasury10yearbondatendofeachyear

Source: FederalReserveofSt.Louis(FRED)
Computation Tocomputethereturnonaconstantmaturitybond,Iaddtwocomponentsthepromisedcouponatt
Thereturnonthe10yearbondfor1928=3.17%(Couponratepromisedattheendof1927)Pricec

Year T.Bondrate Returnonbond

1927 3.17%
1928 3.45% 0.84%
1929 3.36% 4.20%
1930 3.22% 4.54%
1931 3.93% 2.56%
1932 3.35% 8.79%
1933 3.53% 1.86%
1934 3.01% 7.96%
1935 2.84% 4.47%
1936 2.59% 5.02%
1937 2.73% 1.38%
1938 2.56% 4.21%
1939 2.35% 4.41%
1940 2.01% 5.40%
1941 2.47% 2.02%
1942 2.49% 2.29%
1943 2.49% 2.49%
1944 2.48% 2.58%
1945 2.33% 3.80%
1946 2.24% 3.13%
1947 2.39% 0.92%
1948 2.44% 1.95%
1949 2.19% 4.66%
1950 2.39% 0.43%
1951 2.70% 0.30%
1952 2.75% 2.27%
1953 2.59% 4.14%
1954 2.51% 3.29%
1955 2.96% 1.34%
1956 3.59% 2.26%
1957 3.21% 6.80%
1958 3.86% 2.10%
1959 4.69% 2.65%

Page 28
 T. Bond return

1960 3.84% 11.64%

1961 4.06% 2.06%
1962 3.86% 5.69%
1963 4.13% 1.68%
1964 4.18% 3.73%
1965 4.62% 0.72%
1966 4.84% 2.91%
1967 5.70% 1.58%
1968 6.03% 3.27%
1969 7.65% 5.01%
1970 6.39% 16.75%
1971 5.93% 9.79%
1972 6.36% 2.82%
1973 6.74% 3.66%
1974 7.43% 1.99%
1975 8.00% 3.61%
1976 6.87% 15.98%
1977 7.69% 1.29%
1978 9.01% 0.78%
1979 10.39% 0.67%
1980 12.84% 2.99%
1981 13.72% 8.20%
1982 10.54% 32.81%
1983 11.83% 3.20%
1984 11.50% 13.73%
1985 9.26% 25.71%
1986 7.11% 24.28%
1987 8.99% 4.96%
1988 9.11% 8.22%
1989 7.84% 17.69%
1990 8.08% 6.24%
1991 7.09% 15.00%
1992 6.77% 9.36%
1993 5.77% 14.21%
1994 7.81% 8.04%
1995 5.71% 23.48%
1996 6.30% 1.43%
1997 5.81% 9.94%
1998 4.65% 14.92%
1999 6.44% 8.25%

Page 29
 T. Bond return

2000 5.11% 16.66%

2001 5.05% 5.57%
2002 3.82% 15.12%
2003 4.25% 0.38%
2004 4.22% 4.49%
2005 4.39% 2.87%
2006 4.70% 1.96%
2007 4.02% 10.21%
2008 2.21% 20.10%
2009 3.84% 11.12%
2010 3.29% 8.46%
2011 1.88% 16.04%
2012 1.76% 2.97%
2013

Page 30
 T. Bond return

hepromisedcouponatthestartoftheyearandthepricechangeduetointerestratechanges.
heendof1927)Pricechangeonabondwithacouponrateof3.17%,whentheinterestrategoesto3.45%.

Page 31
 T. Bond return

tegoesto3.45%.

Page 32
 Summary for ppt

Arithmetic Average Geometric Average

Stocks - T. BillsStocks - T. BondsStocks - T. BillsStocks - T. Bonds
1928-2015 7.92% 6.18% 6.05% 4.54%
Std Error 2.15% 2.29%
1966-2015 6.05% 3.89% 4.69% 2.90%
Std Error 2.42% 2.74%
2006-2015 7.87% 3.88% 6.11% 2.53%
Std Error 6.06% 8.66%

Page 33
 Summary for ppt

- T. Bonds

Page 34