Returns

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S&P 500 cumulative price return versus total return since inception

S&P 500 cumulative price return versus total return since inception.png

Regression to the mean = Down 53% from 7/19/2019

Regression to the mean = Down 53% from.png

S&P 500 valuations

S&P 500 valuations.png

US long-term government bond yields

US long-term government bond yields.png

Developed market government bond yield distribution, 2017-2019

Developed market government bond yield distribution, 2017-2019.png

Our best guess on future returns

Our best guess on future returns.png

CAPE ratios and future 10 year stock market returns

CAPE ratios and future 10 year stock market returns.png

Stocks return 10% per year?

Stocks return 10 percent per year.png

7-year asset class real return forecasts

7-year asset class real return forecasts.png

MSCI EAFE value vs growth relative valuations and subsequent 5-year returns

MSCI EAFE value vs growth relative valuations and subsequent 5-year returns.png

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