This slideshow reviews market volatility in historical terms and gives some general guidelines for dealing with volatilve times.

1. market volatility and your finances:
navigating your finances during uncertain times
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2. market volatility and your finances:
navigating your finances during tough times
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GE-45624 (10/08)

3. market volatility and your finances:
navigating your finances during tough times
GE-46524 (10/08) AXA Advisors, LLC
GE-45624 (10/08)

4. market volatility and your finances:
navigating your finances during tough times
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5. important notes
Information provided should not be construed as investment advice and you should seek professional advice
based on your specific personal circumstances.
Please be advised that this document is not intended as legal or tax advice. Accordingly, any information
provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the
purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support
the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on
your particular circumstances from an independent tax advisor.
Please consider the charges, risks, expenses, and investment objectives carefully before purchasing a
mutual fund or variable annuity. For a prospectus containing this and other information, please
contact a financial professional. Read it carefully before you invest or send money. Investing in mutual
funds and variable annuities involves risks, including possible loss of principal.
Life insurance and annuities are issued by AXA Equitable Life Insurance Company (New York, NY) and
co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC
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6. agenda
 Market volatility and risk
 Smart strategies in any market
 Addressing risk
 Steps to consider now
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7. market
volatility
and risk
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8. the U.S. in no stranger
to turbulence, yet each
time we’ve recovered,
and even grown.1
1 Past performance is not a guarantee or indicator of future performance
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9. turbulent times in U.S. history
U.S. history turbulent times:
 Great Depression
 World War II
 Black Monday — October 19, 1987
 Dot.com Crash
 9/11/2001
… 2008 Market Turmoil?
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10. market downturn
Up close, market downturns look dire…
Black Monday
October 19, 1987 ––
Dow loses 508 points
or 22.6%
Dow Jones Industrial Average
October 87–November 87
Source: Dow Jones, http://averages.dowjones.com/mdsidx/index.cfm?even=showavgIndexData.
This graph is for illustrative purposes only and is not indicative of any investment. An investment
cannot be made directly in an index. Past performance is no guarantee of future results.
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11. the big picture
…but when seen as part of the big picture, they’re less
significant
Dow Jones Industrial Average
October 87–November 87
Source: SunGard PowerData (Tradeline).
This graph is for illustrative purposes only and is not indicative of any investment. An investment
cannot be made directly in an index. Past performance is no guarantee of future results.
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12. bear markets
Bear markets are a normal part of investing
 Generally defined as a downturn of 20% or more in broad market over
at least a two-month period
 Typically occur approximately every six years1
 Many caused by corrections to “bubbles” or by unexpected shocks
 Often may not affect all sectors of economy at once
 May not necessarily lead to recessions
 Painful, but may result in healthy compression of economic excess
to realistic levels
1 The New York Times "How This Bear Market Compares,” 10/11/2008;
http://www.nytimes.com/interactive/2008/10/11/business/20081011_BEAR_MARKETS.html
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13. bear markets
investment blunders
Bear markets are a normal part of investing
 Letting your emotions rule
 Selling out entirely to cash
 “Doubling down”
 Randomly changing strategies
 Ignoring your portfolio
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14. trying to time the market is risky
1970 1975 1980 1985 1990 1995 2000 2005
40% Return • Annual return
• Annual return minus best month
30
20
10
0
–10
–20
–30 Stocks are represented by the Standard & Poor’s 500®, which is an unmanaged group of securities and
considered to be representative of the stock market in general. An investment cannot be made directly in
an index. The data assumes reinvestment of income and does not account for taxes or transaction costs.
This chart is for illustrative purposes only and is not indicative of any investment. Past performance is no
guarantee of future results. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009.
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15. inflation is a risk in
asset accumulation
Decreased purchasing power can deflate your portfolio’s value
Increases in expenses based on
3% annual inflation. Inflation varies
from year to year. It was 13.5% in 1980
but 1.9% in 1986.
$180,000
$155,000
$143,000
$115,000
$99,000
In the past 40 years (1968 – 2007),
$86,000
$74,000
the average was 4.7%.*
Today 5 yrs 10 yrs 15 yrs 20 yrs 25 yrs 30 yrs
Source: U.S. Department of Labor, Bureau of Labor Statistics, Consumer Price Index,
Consumers – (CPI-U), U.S. City Average, all items, 09/16/2008.
This chart is hypothetical and for illustrative purposes only.
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16. smart
strategies in
ANY market
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17. best practices
Practices that could make a difference, in good times or bad:
 A sound financial strategy
 Diversification/asset allocation
 Rebalancing
 Careful investment selection
 Dollar-cost averaging
 Annual review
 Risk-reducing products
information provided should not be construed as investment advice and you should seek professional advice based on your specific
personal circumstances. None of these items independently or combined can protect against investment loss or guarantee a profit.
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18. have a sound financial strategy
The foundation of financial success,
based on your individual goals and situation:
 Pursuing growth, income, or both
 Your family’s needs
 Adequate savings for emergency
and opportunity
 Time horizon
 Risk tolerance/comfort level
 Tax considerations
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19. diversification: because we can’t
always pick each year’s winners
Asset Class Performance, Historic Rate of Return (1998-2007)
Past performance does not guarantee future results.
Diversification does not guarantee a profit or protect against loss
in a declining market. Securities are represented by the following
indices: Investment Grade Bond = Barclays Capital Bond Index;
International Stocks = MSCI EAFE Index; Large Cap Growth =
Russell 1000® Growth Index; Large Cap Value = Russell 1000®
Value Index; Small Cap Growth = Russell 2000® Growth Index;
Small Cap Value = Russell 2000® Value Index; Mid Cap =
Russell MidCap® Index. The Russell MidCap® Index is an
unmanaged index that measures the performance of the 800
smallest companies in the Russell 1000® Index, and is
considered representative of the mid cap segment of the U.S.
equity universe. The North American Real Estate Investment
Trust Equity Index (NAREIT Equity) measures the performance of
REITs listed on the New York Stock Exchange, NASDAQ, and
the American Stock Exchange. The Barclays Capital Aggregate
Bond Index covers the U.S. investment grade, fixed rate, taxable
bond market, including government and credit securities, agency
mortgage pass-through securities, asset-backed securities, and
commercial mortgage-based securities. MSCI EAFE Index is an
unmanaged index deemed by Morgan Stanley Capital
International (“MSCI”) to be representative of the market structure
of the developed equity markets in Europe, Australasia and the
Far East. The Russell 1000® Growth Index is an unmanaged
index of large cap common stocks that measures the
performance of companies with high price-to-book ratios and high
forecasted growth values. The Russell 1000® Value Index is an
unmanaged index of large cap common stocks that measures the
performance of companies with low price-to-book ratios and low
forecasted growth values. The Russell 2000® Growth Index is an
unmanaged index of small cap common stocks that measures the
performance of companies with high price-to-book ratios and high
This table is for illustrative purposes only. The indices represented are unmanaged and cannot be invested in directly, and do not represent any specific investment product. The return values. The Russellof any investment in stocks
forecasted growth and principal value 2000® Value Index is an
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will fluctuate with changes in market conditions. U.S. Treasury Bills and government bonds are guaranteed as to the timely payment of interest and, if held to maturity, provide a index of small cap common stocks that measures are
unmanaged guaranteed return of principal. Bond investments the
subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. Small capitalization stocks areperformance higher degree of marketprice-to-book ratios and low
subject to a of companies with low risk than large capitalization
stocks of more established companies. Investments in international securities may mean potentially greater rewards, but also involve greater risk. The focus of non-diversified portfolios on fewer issuers or one market sector (e.g., real
forecasted growth values. The indices represented are
estate sector funds) makes them more susceptible to volatility and certain risks than diversified portfolios. GE 45624 (10/08) unmanaged and cannot be invested in directly, and do not

20. rebalancing:
helping to preserve your asset allocation
A sample portfolio …allocation changes overtime.
These charts are hypothetical and for illustrative purposes only, and not indicative of any investment.
Rebalancing does not guarantee a profit or protect against loss in a declining market.
Past performance is no guarantee of future results.
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21. careful investment selection
 Don’t base selections on “hot tips” or hearsay
 For stocks:
 Analyze fundamentals including
price/earnings, earnings per share,
dividend payout
 For bonds:
 Research Moodys/S&P rating,
interest rate trends, call date, etc.
 For mutual funds:
 Look at manager’s tenure and track record,
current holdings, internal expenses, etc.
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22. dollar-cost averaging
Lets you buy more shares when prices are low and fewer when they rise.
The result is that dollar cost averaging typically provides a lower average
cost per share and therefore the potential for higher profit over time.
Total
Regular Market Shares Accumulated
Schedule Investment
Investment Price/Share Acquired Shares
Value
Month 1 $120 $5.00 24 24 $120
Month 2 $120 $2.50 48 72 $180
Month 3 $120 $4.00 30 102 $408
Month 4 $120 $6.00 20 122 $732
Month 5 $120 $8.00 15 137 $1,096
Investment in 5 months: $600 for 137 shares –– Average cost per share: $4.38
Total Value: $1,096
This table is hypothetical and for illustrative purposes only and is not indicative of any investment. Please note that dollar-cost averaging
does not guarantee a profit or protect against loss in a declining market. Dollar cost averaging involves continuously investing in securities
regardless of fluctuating price levels, an investor should consider his/her ability to continue purchasing through low price periods.
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23. addressing
risk
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24. risk is relative
 Panic for some is opportunity for others
 Determine your risk profile; act accordingly
 Based on time horizon, assets, income and personality
 Financial risks aren’t limited to the stock market
 Inflation, death, disability, currency, loss of job, long-term care
 One of the greatest risks may be doing nothing
 Need to continually monitor your finances/risks and economy
— or hire someone who will
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25. strategies for your family
 Minimize debt
 Build an emergency fund
 Get full insurance coverage
 Life insurance
 Health insurance
 Auto and homeowners insurance
 Disability insurance
 Other insurance — liability, long-term care, casualty, business insurance
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26. strategies for your investments
 Mutual funds
 Asset allocation mutual funds
Please consider the charges,
 Target date mutual funds risks, expenses, and investment
objectives carefully before
 Bear Market mutual funds purchasing a mutual fund. For a
prospectus containing this and
 Products with guarantees other information, please contact
a financial professional. Read it
carefully before you invest or
send money. Investing in mutual
funds involves risks, including
possible loss of principal.
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27. the benefits of annuities
 What is an annuity?
Please consider the charges,
 Fixed vs. variable annuities risks, expenses, and investment
objectives carefully before
 Annuity benefits purchasing a variable annuity.
 Can be market-linked For a prospectus containing this
and other information, please
to help outpace inflation contact a financial professional.
 Lifetime guarantees Read it carefully before you invest
or send money. Guarantees are
 Tax advantages based on the claims-paying ability
of the issuing insurance company.
 Death benefit; family protection
Tax deferral is not an additional benefit for the annuity
if purchased to fund a qualified retirement plan.
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28. steps to
consider
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29. steps to consider
in turbulent markets
 Stay calm and alert
 Conduct an immediate financial review
 Clean up portfolio
 Minimize debt
 Build up cash reserve
 Think of uncertainty as opportunity
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30. uncertainty as an opportunity
 Creates opportunities
 Tax benefits
 Reveals weaknesses
 Opportunity to focus on portfolio
and create better investing habits
and better long-term plans
 Sector rotation
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31. benefits of using
a financial professional
 Experience
 Reassurance — cool head
 Resources
 Big picture
 Time savings for you
 Less stress
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32. your financial review:
a health checkup for your portfolio
 Confirm your objectives
 Factor in any changes in your situation
 Determine your risk profile
 Examine debt management
 Ensure adequate protection
 Evaluate individual investments
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33. conclusion:
key points to remember
 Volatility and downturns are part of the investment experience/process
 Focus upon your long-term objectives and needs
 Proper financial management takes time and experience,
either by you or a financial professional
 A turbulent period is the time to get serious, reduce debt and recommit
yourself to better results
 Uncertainty may be an opportunity; doing nothing is assuredly not
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34. thank you
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