Since I specified (twice) that the 40 year old in my example was investing new money in the 20 years after each crash, what assumptions did you make about this new money to arrive at your results? After the crash, how much was he investing each month?My source of data was Crestmont Holdings ( http://www.crestmontresearch.com/content/Matrix%20Options.htm ) I assumed what you meant was he/she invested new money (lump sum)at or around the time of the crash. Obviously my mistake. I gather you mean he/she was dollar cost averaging his/her savings into the market over that twenty year period. Do you know where to look to see monthly data supporting your conclusion?