s of big 1M rallies in our backtest period. (Figure 14. Distribution of 1M SPX returns 14% 12% 10% 8% 6% "6 4% 2% 0% Jan-1950 to Nov-2002 Dec-2002 to Sep-2013 T • T T ' r y"-T. T-TT '' .4 t * * * * * * ;R* Cl * * *r- MO * * m cy .7 0 0 0 / Cl, 7 O— Cline? LC) 0 1.