Issue link: http://read.jpmorgan.com/i/454726
1 0 G E O G R A P H I C A L A N D S T R A T E G Y D I V E R S I F I C A T I O N S T I L L M A T T E R EXHIBIT 1: HISTORY SHOWS THAT IF U.S. DOMESTIC INVESTORS INVESTED SOLELY IN U.S. MARKETS, THEY WOULD HAVE MISSED OPPORTUNITIES Annual returns, 1980–2013, MSCI ACWI countries -50% 0% 50% 100% 150% 200% Annual Return 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Top Country United States Source: J.P. Morgan, FactSet, MSCI. United States Top Return Country Year 28% 79% Italy 1980 -6% 37% Sweden 1981 20% 23% Sweden 1982 20% 80% Norway 1983 4% 47% Hong Kong 1984 31% 176% Austria 1985 16% 121% Spain 1986 3% 43% Japan 1987 15% 54% Belgium 1988 30% 104% Austria 1989 -3% 10% United Kingdom 1990 30% 50% Hong Kong 1991 6% 325 Hong Kong 1992 9% 117% Hong Kong 1993 15 52% Finland 1994 37% 44% Switzerland 1995 23% 40% Spain 1996 33% 47% Portugal 1997 30% 122% Finland 1998 22% 153% Finland 1999 -13% 6% Switzerland 2000 -12% 55% Russia 2001 -23% 44% Czech Republic 2002 28% 144% Thailand 2003 10% 132% Colombia 2004 5% 162% Egypt 2005 15% 83% China 2006 5% 94% Peru 2007 -38% -25% Colombia 2008 26% 128% Brazil 2009 15% 56% Thailand 2010 1% 14% Ireland 2011 15% 64% Turkey 2012 32% 51% Greece 2013 A P P E N D I X