WHY NOW

IS ALWAYS A GREAT TIME TO INVEST

© 2020-2024 Primerica / 62925 / 5.24 / 3604751

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Who We Are

• One of the largest independent financial services marketing organizations in North America
• Listed on the New York Stock Exchange (PRI)
• In business since 1977 with a proven track record
• Approximately 5.7 million lives insured and approximately 2.9 million client investment accounts serviced^*
• Earned numerous awards and accolades from top business publications and rating agencies in the financial services industry
• Investment clients have nearly $97 billion in asset values in their Primerica investment accounts^*

Numbers reflect the combined totals or daily average, as indicated above, as of, or for the year  ended, December 31, 2023, for the following affiliated companies: Life Insurance: National Benefit  Life Insurance Company (Home Office: Long Island City, NY) in New York; Primerica Life Insurance Company (Executive Offices: Duluth, GA) in all other U.S. jurisdictions; Primerica Life Insurance Company of Canada (Head Office: Mississauga, ON) in Canada. Investments: In the United States, securities are offered by PFS Investments Inc. (PFSI), 1 Primerica Parkway, Duluth, Georgia 30099-0001; In Canada, mutual funds are offered by PFSL Investments Canada Ltd., mutual fund dealer, and segregated funds are offered by Primerica Life Insurance Company of Canada, Head Office: Mississauga, ON. Each company is responsible for its own financial obligations.

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Why Now Is Always a Great Time to Invest

Presentation Overview

Market Cycles & Historical Perspectives

Proven Investment Fundamentals

Investment Solutions

Primerica refers to Primerica and its affiliated companies.

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“Bull markets are born on pessimism,

grow on skepticism, mature on optimism,

and die on euphoria.”

– Sir John Templeton

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The Cycle Of Market Emotions

Consider This: Over the last 50 years, the average stock market return has been nearly 11%* – that’s including the natural changes in performance. PFS Investments has proven strategies for long‑term investing.

*Source: Morningstar. This return represents a hypothetical growth of $10,000 based on “total return” performance of the S&P 500 TR USD from 12/31/1972 to 12/31/2023.  S&P 500 TR USD is a market capitalization weighted index composed of the 500 most widely held stocks whose assets and/or revenues are based in the US; it’s often used as a proxy for the U.S. stock market. TR (Total Return) indexes include daily reinvestment of dividends. The constituents displayed for this index are from the following proxy: SPDR® S&P 500 ETF Trust. Because these indices are not managed portfolios, there are no advisory fees, taxes or internal management expenses reflected in their performance. If these were included, the performance would be lower. An investor cannot invest directly in an index. Past performance is no guarantee of future results.

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“You make most of your money

in a bear market, you just don’t

realize it at the time.”

– Shelby Cullom Davis

Primerica refers to Primerica and its affiliated companies.

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History is a Great Teacher¹

1 End of Bear Market dates as obtained from https://seekingalpha.com/article/4483348-bear-market-history. Performance data obtained from Morningstar.

*S&P 500 TR USD is a market capitalization-weighted index composed of the 500 most widely held stocks whose assets and/or revenues are based in the US; it’s often used as a proxy for the U.S. stock market. TR (Total Return) indexes include daily reinvestment of dividends. The constituents displayed for this index are from the following proxy: SPDR® S&P 500 ETF Trust. Because these indices are not managed portfolios, there are no advisory fees, taxes or internal management expenses reflected in their performance. If these were included, the performance would be lower. An investor cannot invest directly in an index.

Past performance is no guarantee of future results. Principal value and investment returns will fluctuate and, when redeemed, may be worth more or less than the original cost. This chart is for illustrative purposes, the chart does not represent an actual investment, and the returns do not reflect the past or future performance of any specific investment. Investments in mutual funds involve risk including loss of principal.

If your financial goals haven’t changed, should your approach to investing?

We can help you answer that question.

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Tale of Five Investors

How did they react to the �decline in the market?

How would YOU react?

The Tale of Five Investors illustrates the potential benefits of investing for the long term. Consider this: Five investors each invested $10,000 in the stock market in September 2008 and kept their investments through the market crash in February 2009. By the end of March, each investor was left with $5,818.

Let’s look at these five hypothetical investors and how they fared with different approaches.*

As you can see, the five scenarios end with very different results based on the path taken. Keep in mind, your age, income, employment status, and other savings are just some of the important factors that would determine which, if any, of these choices is best for you.

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*Ending amounts as of December 31, 2023, based on five different hypothetical actions taken on March 1, 2009.

INVESTOR 1

sold the investment and put �the money under a mattress

(Net invested: $10,000)

INVESTOR 2

sold the investment and put the money in a money market fund

(Net invested: $5,818)

INVESTOR 3

held on to the investment, �but did not begin a monthly �investment program

(Net invested: $10,000)

INVESTOR 4

sold the investment, put it in a �money market fund, and began�to invest $583 each month

(Net invested: $109,592)

INVESTOR 5

held on to the investment and started to invest $583 each month

(Net invested: $109,592)

$5,818

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$6,538

​

$50,539

​

$120,404

$349,092

​

Source: PFS Investments Inc. and Morningstar. The chart above illustrates a hypothetical investment of $10,000 invested in an investment that performed similar to the S&P 500 TR Index on September 1, 2008, near the market high, and then the subsequent financial impact of various investment strategies on a portfolio implemented on March1, 2009, through December 31, 2023. S&P 500 TR USD is a market capitalization weighted index composed of the 500 most widely held stocks whose assets and/or revenues are based in the US; it’s often used as a proxy for the U.S. stock market. TR (Total Return) indexes include daily reinvestment of dividends. The constituents displayed for this index are from the following proxy: SPDR® S&P 500 ETF Trust. Investors 4 and 5's monthly contributions began April 1, 2009. The Standard & Poor's 500 ®, which is an unmanaged group of securities, is considered to be representative of the stock market in general. An investor cannot invest directly in an index.

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It’s Time, �Not Timing, �That Matters

One $10,000 investment is made in the S&P 500 in each year immediately following market high (or market low) month end date.

Example:

In the market high scenario, the

first $10,000 contribution is made

immediately following the last

trading day of the month of

December 2004.

*January dates denoted with an asterisk indicate $10,000 was invested immediately prior to the first trading day of the year.

In this case, a contribution of $20,000 was invested at the end of December 2018.

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Proven Investment Fundamentals

Remember The Three “Ds” of Investing

Dollar‑Cost Averaging

Investing a fixed amount at regular intervals eliminates having to predict when to invest as you will be able to take advantage of the market highs and lows — by purchasing fewer units when the prices are high and more units when prices are low.

Discipline

By staying focused and staying invested through all market activity, you can increase your long-term potential because missing even a handful of the best-performing days in the market over time can considerably diminish your returns.

Diversification

By investing in different asset classes you may help spread out the risk in your portfolio. This may also work to increase returns by offsetting losses in one asset class with an opportunity for gains in another.

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“Bad news is an investor’s best friend.

It lets you buy a slice of American future

at a marked-down price.”

– Warren Buffett

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Systematic Investing: A Proven Method

Systematic Investing allows you to use dollar-cost averaging to build wealth over the long term.

Dollar-cost averaging is a technique for lowering average cost per share over time. Dollar-cost averaging cannot assure a profit or protect against loss in declining markets. Investors should consider their ability to continue to invest in periods of low-price levels. These values are hypothetical and not intended to reflect any specific market period.

This information is educational and is not intended to be a recommendation to buy, sell or hold a security or to adopt a particular investment strategy.

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Which example would you prefer?

• Two Investors • $100/month • Different Markets

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Systematic Investing: A Proven Method

Put your investment program on autopilot. Enroll in Pre-Authorized Checking (PAC). Set up regularly scheduled automatic money transfers from your bank account to your investment account. Dollar-cost averaging is a technique for lowering average cost per share over time. Dollar-cost averaging cannot assure a profit or protect against loss in declining markets. Investors should consider their ability to continue to invest in periods of low-price levels. These values are hypothetical and not intended to reflect any specific market period.

This information is educational and is not intended to be a recommendation to buy, sell or hold a security or to adopt a particular investment strategy.

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Systematic Investing allows you to use dollar-cost averaging to build wealth over the long term.

Investor A Month 1 Month 2 Month 3 Month 4 Month 5 Month 6

Invests�$100�per month

Per share: $10.00 $12.00 $14.00 $16.00 $18.00 $20.00� # of shares: 10.00 8.33 7.14 6.25 5.56 5.00

Number�of Shares�Accumulated

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Investor B Month 1 Month 2 Month 3 Month 4 Month 5 Month 6

Invests�$100

per month

Per share: $10.00 $7.00 $4.00 $2.00 $6.00 $10.00� # of shares: 10.00 14.29 25.00 50.00 16.67 10.00

Number�of Shares�Accumulated

126

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“Let me be clear on one point, I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month – or a year – from now.”

“What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up.”

– Warren Buffett

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Invest with your head, not the headlines

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes and does not represent an actual investment. Further, the returns do not reflect the past or future performance of any specific investment. All investments involve risk including loss of principal. The figures in the chart above assume reinvestments of dividends. They do not reflect any fees, expenses or tax consequences, which would lower results. Because an index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in their performance. Investors cannot invest directly in any index. The figures represent an initial investment of $10,000. The Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general.

Investors cannot invest directly in any index. This material is intended only for general educational purposes and is not a recommendation to buy, sell or hold a security or to adopt a particular investment strategy.

There have been plenty of reasons not to invest in the stock market over the years, but for the long-term investors, the results have generally been positive over time. The graph below demonstrates the performance of an index, specifically the S&P 500 index.

If you invested $10,000 in the stock market on December 31, 1993 and left it in the market, even when the news was bad …

30 years later (December 31, 2023), your investment would have grown to $181,763 (10.14% average annual total return). 

Average Annual Total Return: 10.14%

Do you see how, over time, you can achieve your investing goals regardless of the headlines?

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Invest with your head, not the headlines

Average Annual Total Return: 10.14%

Do you see how, over time, you can achieve your investing goals �regardless of the headlines?

Source: Morningstar. Past performance is no guarantee of future results. This chart illustrates a hypothetical investment of $10,000 in an investment which performed similarly to the S&P 500 total return index. Dates reflected are from January 1 through December 31 of each year, respectively. This chart is for illustrative purposes and does not represent an actual investment. The returns do not reflect the past or future performance of any specific investment. All investments involve risk including loss of principal. The figures in the chart above assume reinvestments of dividends. They do not reflect any fees, expenses or tax consequences, which would lower results. The Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general. Investors cannot invest directly in any index.

​

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Diversification is a time-tested principle.

Spread out your investment dollars to protect against market risk.

Although diversification does not assure a profit or protect against loss, diversification may help spread out the risk in your portfolio. This chart shows how the returns in different asset classes have varied from one year to the next.

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes only and does not represent an actual investment or the performance of any specific investment. All investments involve risk including loss of principal. Small Company Stocks—Russell 2000 Index; Large Company Stocks—Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general; Long-Term Government Bonds—20-year U.S. Government Bond; Treasury Bills—30-day U.S. Treasury Bill; International Stocks—Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index. Government bonds and Treasury bills are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. As interest rates rise, bond prices fall. Bond funds do not carry the same guarantees as bonds themselves. Furthermore, small company stocks are more volatile than large company stocks and are subject to significant price fluctuations, business risks and are thinly traded. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks and differences in accounting and financial standards. The data assumes reinvestment of all income and does not account for taxes or transaction costs which may lower results. Because these indices are not managed portfolios, there are no advisory fees or internal management expenses reflected in their performance and investors cannot invest directly in any index. Diversification does not assure a profit or protect against loss.

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Volatility of Small Cap Stocks

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes only and does not represent an actual investment or the performance of any specific investment. All investments involve risk including loss of principal. Small Company Stocks—Russell 2000 Index; Large Company Stocks—Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general; Long-Term Government Bonds—20-year U.S. Government Bond; Treasury Bills—30-day U.S. Treasury Bill; International Stocks—Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index. Government bonds and Treasury bills are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. As interest rates rise, bond prices fall. Bond funds do not carry the same guarantees as bonds themselves. Furthermore, small company stocks are more volatile than large company stocks and are subject to significant price fluctuations, business risks and are thinly traded. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks and differences in accounting and financial standards. The data assumes reinvestment of all income and does not account for taxes or transaction costs which may lower results. Because these indices are not managed portfolios, there are no advisory fees or internal management expenses reflected in their performance and investors cannot invest directly in any index. Diversification does not assure a profit or protect against loss.

See how returns vary from year to year?

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Volatility of International Stocks

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes only and does not represent an actual investment or the performance of any specific investment. All investments involve risk including loss of principal. Small Company Stocks—Russell 2000 Index; Large Company Stocks—Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general; Long-Term Government Bonds—20-year U.S. Government Bond; Treasury Bills—30-day U.S. Treasury Bill; International Stocks—Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index. Government bonds and Treasury bills are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. As interest rates rise, bond prices fall. Bond funds do not carry the same guarantees as bonds themselves. Furthermore, small company stocks are more volatile than large company stocks and are subject to significant price fluctuations, business risks and are thinly traded. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks and differences in accounting and financial standards. The data assumes reinvestment of all income and does not account for taxes or transaction costs which may lower results. Because these indices are not managed portfolios, there are no advisory fees or internal management expenses reflected in their performance and investors cannot invest directly in any index. Diversification does not assure a profit or protect against loss.

See how returns vary from year to year?

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Volatility of Large Cap Stocks

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes only and does not represent an actual investment or the performance of any specific investment. All investments involve risk including loss of principal. Small Company Stocks—Russell 2000 Index; Large Company Stocks—Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general; Long-Term Government Bonds—20-year U.S. Government Bond; Treasury Bills—30-day U.S. Treasury Bill; International Stocks—Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index. Government bonds and Treasury bills are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. As interest rates rise, bond prices fall. Bond funds do not carry the same guarantees as bonds themselves. Furthermore, small company stocks are more volatile than large company stocks and are subject to significant price fluctuations, business risks and are thinly traded. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks and differences in accounting and financial standards. The data assumes reinvestment of all income and does not account for taxes or transaction costs which may lower results. Because these indices are not managed portfolios, there are no advisory fees or internal management expenses reflected in their performance and investors cannot invest directly in any index. Diversification does not assure a profit or protect against loss.

See how returns vary from year to year?

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Volatility of Long-Term Government Bonds

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes only and does not represent an actual investment or the performance of any specific investment. All investments involve risk including loss of principal. Small Company Stocks—Russell 2000 Index; Large Company Stocks—Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general; Long-Term Government Bonds—20-year U.S. Government Bond; Treasury Bills—30-day U.S. Treasury Bill; International Stocks—Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index. Government bonds and Treasury bills are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. As interest rates rise, bond prices fall. Bond funds do not carry the same guarantees as bonds themselves. Furthermore, small company stocks are more volatile than large company stocks and are subject to significant price fluctuations, business risks and are thinly traded. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks and differences in accounting and financial standards. The data assumes reinvestment of all income and does not account for taxes or transaction costs which may lower results. Because these indices are not managed portfolios, there are no advisory fees or internal management expenses reflected in their performance and investors cannot invest directly in any index. Diversification does not assure a profit or protect against loss.

See how returns vary from year to year?

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Volatility of 30-Day Treasury Bills

Source: Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes only and does not represent an actual investment or the performance of any specific investment. All investments involve risk including loss of principal. Small Company Stocks—Russell 2000 Index; Large Company Stocks—Standard & Poor’s 500^®, which is an unmanaged group of securities, is considered to be representative of the stock market in general; Long-Term Government Bonds—20-year U.S. Government Bond; Treasury Bills—30-day U.S. Treasury Bill; International Stocks—Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index. Government bonds and Treasury bills are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. As interest rates rise, bond prices fall. Bond funds do not carry the same guarantees as bonds themselves. Furthermore, small company stocks are more volatile than large company stocks and are subject to significant price fluctuations, business risks and are thinly traded. International investments involve special risks such as fluctuations in currency, foreign taxation, economic and political risks, liquidity risks and differences in accounting and financial standards. The data assumes reinvestment of all income and does not account for taxes or transaction costs which may lower results. Because these indices are not managed portfolios, there are no advisory fees or internal management expenses reflected in their performance and investors cannot invest directly in any index. Diversification does not assure a profit or protect against loss.

See how returns vary from year to year?

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Take advantage of tax-deferred savings.

You should consider your personal investment time horizon or income tax bracket, both current and anticipated, when making a decision that could impact the results of this comparison. The chart uses constant rates of return, unlike many types of investments which will fluctuate in value. Assumes a federal 22% income tax bracket. Lower tax rates on capital gains and dividends would make the investment return on the taxable investment more favorable, thereby reducing the difference in performance between the examples shown. Any tax-deductible contributions are taxed as ordinary income upon withdrawal and tax-deferred growth may be taxed as ordinary income upon withdrawal. Earnings on the investment are at 9% constant nominal rate, compounded monthly and do not include taxes, fees, or expenses. This hypothetical assumes no distributions until retirement. Actual investments will fluctuate in value. The above amounts are based on monthly contributions of $500 (earned income, adjusted for taxes). Investing entails risk, including loss of principal. Shares, when redeemed, may be worth more or less than their original value.

$96,800

$75,500

$67,800

$333,900

$260,500

$205,200

$915,400

$719,300

$486,500

10 Years 20 Years 30 Years 40 Years

$1,825,700

$1,047,700

$2,340,700

$500 Monthly Investment

No Taxes Deferred

Taxes on Return Deferred

Taxes on Contribution and Return Deferred Until Distribution

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What’s an effective long-term investment vehicles? �— Mutual Funds

Mutual Funds: What Are They?

Did you know the typical mutual fund holds more than 150 stocks on average?

Top Holdings Examples

The Procter & Gamble Company 

Consumer products including Febreze, �Crest, Downy, Gillette, Tide

Microsoft Corporation 

Technology including Windows computer software, Xbox video game system

Pfizer, Inc. 

Pharmaceuticals including Advil, Lipitor, Celebrex

McDonald’s Corporation 

Global fast-food operator and consumer brand

Verizon Communications, Inc. 

Telecommunications including wireless voice and data, broadband Internet

Netflix, Inc. 

Entertainment including subscription memberships for TV shows, films and games, streaming services

Amazon.com, Inc. 

Technology including e-commerce, cloud computing, online advertising, digital streaming, and AI

Individual Investors

Professionally

Managed Money

Each mutual fund invests differently. Read the mutual fund’s prospectuses to determine how a fund may invest and to determine its current holdings. Mutual funds are actively managed portfolios and incur fees and internal management costs. The value of a fund fluctuates and, shares, when redeemed, may be less than the original value. Investments in mutual funds involve risk including loss of principal. Source: Morningstar. Average based on 661 U.S. domestic equity open-end funds (actively-managed, institutional share class).

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Mutual funds earn money three ways:

1. Dividends
2. Capital Gains
3. Capital Appreciation

Should any of these be earned, they may be subject to taxation. Also note that the value of a fund may fluctuate.

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5 Great Reasons to Own a Mutual Fund:

1. Professional money management
2. Diversification of assets
3. Growth potential
4. Affordability
5. Liquidity

Mutual funds are not guaranteed against a loss. Mutual funds also have costs and fees that are attributable to management and distribution.

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Why Now is Always a Great Time to Invest

Historical Market Perspective

Compelling Opportunity

Proven Investment Fundamentals

PFSI Investment Solutions

Primerica refers to Primerica and its affiliated companies.

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