Delafield has something else you might be interested in: a 12% compound annualreturn over the last two full market cycles (two downs and two ups since August 2000).
Ares Capital has earned investors a 10% annualreturn over the last 4.5 years with dividends reinvested, while American Capital has lost investors more than 20% over the same time period with dividends reinvested.
Assessing the Impact of Taxes on Shareholder Return showed owners of mutual funds in taxable accounts gave up an average of 0.98 percent to 2.08 percent in annualreturn to taxes over the last 10 years.
In his bid for vindication--or revenge--Greenberg is buoyed by the fact that in his last eight years running AIG it averaged a 15% annualreturn on equity, putting it well ahead of competitors like CNA, Chubb and Travelers, while since his defrocking it has managed only a middle-of-the-pack 13.6%.