Assumptions initial wealth yearly savings portfolio weight Historical returns ⠀ 1 2 3 4 5 6 7 8 92 Year $0 $10,000 2017 bills 50% stocks 50% T-bills Stocks CPI

1925 1926 9.85% 3.60% 1927 3.09% 32.87% 1928 4.44% 39.14% 1929 4.92% -15.10% 2.75% -28.90% 1930 1931 0.71% -44.39% 1932 0.87% -7.94% 1933 0.47% 57.41% 0.89% 20.64% 0.179 0.177 0.173 0.171 0.172 0.161 0.146 0.131 0.132 2.465 Inflation Sample moments mean std real portfolio return Re-sampled returns & portfolio value Wealth Path Sim # Age Return 25 ⠀ 26 27 28 29 30 31 32 65 SEBASEE 1 2 3 4 5 6 7 8 9 10 11 12 1000 Final Wealth Summary Stats mean std 25 pct 75 pct min max Histogram