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Annualized Total Return by Asset Class 1964-1980

Annualized Total Return by Asset Class 1964-1980.PNG

Emerging Market Relative Trends Tend to Persist for Several Years

Emerging Market currencies deviation from fair value Since 1980.PNG

Capital Market Return Expectations

Capital Market Return Expectations.PNG

US Value vs US Growth Equity Performance Since 1980

US Value vs US Growth Equity Performance Since 1980.PNG

Emerging Market currencies deviation from fair value Since 1980

Emerging Market currencies deviation from fair value Since 1980.PNG

Consumer Confidence Spiking Higher Since 1967

Consumer Confidence Spiking Higher Since 1967.PNG

Recession Probability Up, But Still Low Since 1960

Recession Probability Up, But Still Low Since 1960.PNG

2nd Longest Expansion

2nd Longest Expansion.PNG

Marginal Tax Rate for Income in 2018

Marginal Tax Rate for Income in 2018.PNG

Starting Yields Highly Correlated with Five-Year Total Returns

Starting Yields Highly Correlated with Five-Year Total Returns.PNG

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