Returns depend upon the starting and ending point. This series of charts presents the compounded annual returns for an investor who began investing during any start year since 1900 and ending with any subsequent year. The versions presented reflect returns for taxpayers and for tax-exempt or deferred investors, as well as returns on a nominal and real (after inflation) basis. The charts are scaled for printing on a single sheet of 11″ x 17″ paper or on two 8 1/2″ x 11″ pages for subsequent alignment. See the assumptions and legends for important details.