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10-Year Equity Free Cash Flow vs. Valuation Changes

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S&P 500 Free Cash Flow Yield vs. Treasury and BAA Yields

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S&P 500 Free Cash Flow Yield vs Returns

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Exhibit 13: CDLI Total Return (Sep 2004-Jun 2024)

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Likelihood of stocks outperforming bonds in the US

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Stocks vs bonds in the long run

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30- Year Starting Safe Withdrawal Rate %, by Asset Allocation, 90% Success Rate

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U.S Housing Price Returns Since 1950

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Earnings/coupon yield on a 60/40 portfolio + 60/40 earning yield and subsequent 10 year annualized returns

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S&P Composite 10Y Shiller TR Cycle-adjusted P/E (Montanaro Asset Management, 1981-2024)

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