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Gold and Equity returns (%)

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Tech Bubble Crash Performance

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Postwar bull markets - Cumulative S&P 500 total return

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1973 Bear Market and Tech Bubble Break Performance

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Active managers have often outperformed the Agg

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Valuation of MSCI EM Currencies

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Investment-grade corporate leverage has been steadily rising

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Private and public manager dispersion

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2010 - 2019 Returns by asset class

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S&P500 1900 to 2018, Log scale and Dollar scale

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