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S&P 500 returns revisited

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Figure

Figure 1. Comparison of the annual S&P 500 returns and that cumulated during the previous twelve months as a sum of monthly returns
Figure 5. Comparison of monthly increments of the number of 9-year-olds,  dN9, and of the number of 7-year-olds, dN7, shifted two years ahead
Figure 6. Comparison of the observed and predicted S&P 500 returns between 1992 and 2003
Figure 8. Left paneland 1994. The latter is obtained using the intercensal estimate of 17-year-olds
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