Returns

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S&P500 Forward P/E Ratio

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S&P500 Forward P/E Ratio

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US IG Corporate Spreads Are Significantly Above Long Run Average

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U.S. 10-Year Real Yield

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Asset Class Performance: 1999 to 2019 (%)

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Gold and Equity returns (%)

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Postwar bull markets - Cumulative S&P 500 total return

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Active managers have often outperformed the Agg

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Investment-grade corporate leverage has been steadily rising

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2010 - 2019 Returns by asset class

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