This chart shows the most recent 15 days since 1950 when the Standard & Poor’s 500 Index was down -6% or more in one day and the subsequent performance of the index over the next one year, five year, and ten year periods. On average, across each of these 15 occasions, the Standard & Poor’s 500 Index produced positive returns during each of three subsequent periods. Over short periods of time stocks can experience severe volatility. We firmly believe that investors who take a long-term view of investing, especially during periods of volatility, will continue to be rewarded over longer periods. As always, past performance is no guarantee of future results.