Valuation

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Small-cap stocks remain historically cheap vs. large-cap stocks, trading at 20-year lows since 1979

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High-quality corporate bonds have rarely traded at valuations this low since 2003

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R2000 forward P/E ratio individually and divided by R1000 forward P/E Ratio since 1987

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R3000G P/E minus R3000V P/E (FY2) since 2003

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Relative valuation of MSCI ACWIXUS small cap growth and value indices

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Current valuations do not appear to be pricing in a decline in earnings

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Aggregate fixed income appears to be fairly valued, but pockets are stretched

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Speed valuations relative to past 20 years

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Global equity valuations since 1985 - PE10

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Global value/growth valuation indicator since 1998

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