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Yield peaks have historically been followed by periods of strong performance

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Equities, bonds, and gold, 1975-2022

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Rolling three-year correlations vs. Morningstar US market index: Cryptocurrency

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Real gold price in US dollars - % change since 1980

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Over the long-term, moderate levels of inflation are normal

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Relative valuation of MSCI ACWIXUS small cap growth and value indices

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Annual style rotation in ACWI ex US small cap

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Small caps have beaten inflation in every decade since the 1930's

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Russell 2000 calendar-returns and intra-calendar-year largest declines since 1996

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1 year and 3 year performance from initial fed tightening (%) since 1972

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