Market Returns In Rolling Multi-Year Holding Periods An Alternative Interpretation of the Ibbotson Data

J. Michael Julius is an ASA and a CFA. He has a BA in Economics and German from Rhodes College in Memphis, Tennessee. Mr. Julius is Senior Manager of Valuation Services for Arthur Andersen, LLP in Charlotte, North Carolina. He was previously Vice President of Mercer Capital Management, Inc. in Memphis, Tennessee, where this article was written.