Over the past 40 years, the S&P / TSX composite index has experienced 14 negative calendar return years. As shown in the chart, in each instance, with only two exceptions, the following year saw the markets in positive territory. Further, these gains were solidified with 5 year double digit returns. These results demonstrate the resilience of the market, and that investors have typically been best-served by maintaining a long-term focus despite short-term market volatility.

1. The resilience of the markets
Over the past 40 years, the S&P/TSX Composite index has experienced 14 negative calendar return years.
As shown in the chart, in each instance, with only two exceptions, the following year saw the markets
in positive territory. Further, these gains were solidified with 5 year double digit returns.
These results demonstrate the resilience of the market, and that investors have typically been
best-served by maintaining a long-term focus despite short-term market volatility.
Market Resilience
Source: Investors group portfolio analytics
40
35
30
18.1%
return (%)
26.7%
18.5%
15
8.0%
0
-0.8%
7.2%
5.5%
5
-5
17.6%
14.5%
12.0%
10
-10
31.7%
25.1%
25
20
31.5%
32.5%
-1.4%
-2.4%
-3.6%
-7.1%
-0.2%
-1.6%
-8.7%
-10.2%
-15
-12.6% -12.4%
-14.8%
-20
-25
-25.9%
-30
-33.0%
-35
1966/67
1969/70/71
1974/75
1981/82
1984/85
1990/91
1992/93
RICHARD SHEPPARD CFP
Senior Financial Consultant
Investors Group Financial Services Inc.
Tel: (403) 226-5531
Richard.Sheppard@investorsgroup.com
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