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In Exhibit 3 , the annual return of Goldman Sachs was 2 0 . 0 9 % between 2 0 0 4 and 2 0

In Exhibit 3, the annual return of Goldman Sachs was 20.09% between 2004 and 2009, which
was much higher than the return of AI at 2.61%. Does it mean that Goldman Sachs performed
much better than AI during this 4-year period?

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