Based on the long$-$term performance of the best and worst performers in the S&P $500,$ what can be inferred about the potential returns of equity investments?

The gains are capped at a single$-$digit annual return, but you can lose up to $100\%$ of your investment

They can result in losses of up to $100\%$ or gains of thousands: of percent

The maximum gains and losses are $100\%$ of the initial investment