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We have always believed in stocks as a core investment for the long-term investor. Not only have stocks achieved an outstanding historical performance, but they offer many potential advantages over other investments. History has shown that the longer an investor remains in stocks, the more those advantages accrue.
 
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Effective April 1, 2007, Morgan Stanley DW Inc. merged with Morgan Stanley & Co. Incorporated; any non-historical references to Morgan Stanley DW Inc. found on our website should be read to refer to Morgan Stanley & Co. Incorporated.
 
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