the presidential elections, many Iranian investors started to move their assets from gold into domestic equities. TEPIX hit 68,461 on October 9 (soaring over 50,000 points). TEPIX reached 71,471 on October 14, 2013. Consequently, TSE's main index grew 130% in 2013. 2014: As of September 2014, the TSE trades at price-to-earnings multiple of 6 times, with a 17 percent dividend yield. By comparison, the MSCI Frontier Markets index trades at price-to-earnings multiple of 12.4 times, with a 3.7 percent dividend yield. 2015: The Iranian state is the biggest player in the economy, and the annual budget strongly influences the outlook of local industries and the stock market. The 2015 budget is not expected to bring much growth for many of the domestic industries. 2016: As of June 2016, TSE had an average P/E of 7 against 13.8 for MSCI Emerging Markets. TEDPIX annualized 10-year performance in US$ was 10.1% (against 3.9% for MSCI Emerging Markets for the same period.) 2018: in June 2018, the TEPIX index reached an all-time-high of 102,000. It is expected that listed export-oriented companies (~50% of TSE capitalization) will be advantaged following the steep devaluation of the Iranian rial in 2018. 2019: FY 2019 has been a "golden year" according to financial economists. TEDPIX, one of the 2 main indexes, reached an all-time-high of 512,000 points. According to the same experts, several factors contributed to this, namely better regulation, increased knowledge of the stock market and wider access by the general population and the lackluster status of competing sectors such as gold or real estate. Growth potential Iran is the last, large untapped emerging market in the world. According to many experts, the economy of Iran has many investment opportunities, particularly on its stock exchange. The Central Bank of Iran indicate that 70 percent of the Iranians own homes with huge amounts of idle money entering the housing market. However, if the stock market grows stronger, it will undoubtedly attract idle capital. In terms of investment, the domestic rival markets of the bourse are the Iranian real estate market, cars and gold (with gold being used as a store of value, a hedging tool against hyperinflation and the devaluation of the Rial). According to Goldman Sachs, Iran is forecast to reach the highest economic growth between 2015 and 2025 and join the world's largest economies (world's 12th economy by 2025). Since 2012, TSE has served as