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Key contributors to NBER-Dated U.S. recessions

Key contributors to NBER-Dated U.S. recessions.png

Hedge funds historically have performed well during periods of rising interest rates

Hedge funds historically have performed well during periods of rising interest rates.png

Gold can experience short rallies within a bear supercycle

Gold can experience short rallies within a bear supercycle.png

Gold vs. bonds, stocks, and home prices

Gold vs. bonds, stocks, and home prices.png

Commodity cycles have been shortening since 1803

Commodity cycles have been shortening since 1803.png

Commodities tend to run opposite of equities

Commodities tend to run opposite of equities.png

International markets: bulls and bears

International markets bulls and bears.png

By our measures this bull is the longest on record

By our measures this bull is the longest on record.png

Performance of stocks and bonds in rising rate environments since 2001

Performance of stocks and bonds in rising rate environments since 2001.png

Forward valuations are near longer-term averages since 2000

Forward valuations are near longer-term averages since 2000.png

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