Overall performance* vs the S&P 500

	In Per-Share Book Value of Pechere Invest. (1)	In S&P 500 with Dividends Included (2)	Relative Results (1) - (2)
Compounded Annual Gain 2007 to 2010	29.8%	2.5%	27.3%
Overall Gain 2007 to 2010	119.2%	10.1%
2007	0.0	5.5	(5.5)
2008	(5.6)	(37.0)	31.4
2009	97.8	26.5	71.3
2010	27.0	15.1	11.9

* The S&P 500 numbers are pre-tax whereas the Pechere Investments numbers are after-tax. If a corporation such as Pechere Investments were simply to have owned the S&P 500 and accrued the appropriate taxes, its results would have lagged the S&P 500 in years when that index showed a positive return, but would have exceeded the S&P 500 in years when the index showed a negative return. Over the years, the tax costs would have caused the aggregate lag to be substantial.

Conclusion:

$ 1.000 invested in Pechere Investments in 2007 gives $ 2.192 in 2010 (after-tax).

$ 1.000 invested in S&P 500 in 2007 gives $ 1.025 in 2010 (pre-tax).