Valuation

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P/B Discount of MSCI Europe vs. S&P 500

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S&P 500 Normalized P/E At Bull Market Peaks (1957 To Date)

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Emerging Market Over/Underperformance vs. S&P 500

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Emerging Market Equities Appear Cheap Relative to History & DM Equities While ROE Remains Higher

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Stock Market as Percentage of GDP

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MSCI Europe Value vs. MSCI Europe Growth

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Post-war Bull Market Returns and Duration

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Seeing the Future..

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U.S. vs. International Markets Performance Since 1969

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U.S. vs. International Markets Performance Since 1969

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