a. With 20-20 hindsight, what was the best investment for the period 1926–1935?

b. Why doesn’t everyone buy only small stocks as investments?

c. What was the smallest return observed over the 95 years for each of these investments? Approximately when did it occur?

d. About how many times did large stocks (common stocks) return more than 30 percent? How many times did they return less than −20 percent?

e. What was the longest “winning streak” (years without a negative return) for large stocks? For long-term government bonds?

f. How often did the T-bill portfolio have a negative return?