Part III
Part III
Part III
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S&P 500 Volatility<br />
S&P Weekly Realized Volatility<br />
Annualized Realized Volatility<br />
40.00%<br />
35.00%<br />
30.00%<br />
25.00%<br />
20.00%<br />
15.00%<br />
10.00%<br />
5.00%<br />
Experienced volatility has been low in the past 5 years.<br />
0.00%<br />
4/1998 4/1999 4/2000 4/2001 4/2002 4/2003 4/2004 4/2005 4/2006 4/2007 4/2008<br />
<br />
The low volatilities experienced in the past 5 years make the recent market conditions appear<br />
severe<br />
6
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