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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (10631)	12/22/1999 1:02:00 PM
From: Allan Harris	Respond to of 15132

Re: Reversion to the mean "From 1926 through the end of 1998, the S&P 500 produced an average annual total return of 11.5 percent. However, the total return of the S&P 500 was 6.1 percent during periods of rising tax rates 12.5 percent during periods of no change in tax rates 16 percent during periods of tax-rate reductions "Overall, the historical record shows that the S&P 500 produces an average annual total return of -4.6 percent during years of deflation 6.7 percent during years of high inflation 13.9 percent during years of low inflation 17.2 percent during years of stable prices" From DOW 100,000 Fact or Fiction by Charles W. Kadlec A