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Returns

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Earnings growth is declining globally

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1970 - 2007 trend and actual real GDP per capita

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Stock Market Since 1926

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Global vs US stock portfolio returns

Global vs US stock portfolio returns.png

60/40 Calendar year returns

60 40 Calendar year returns.png

60/40 Max Drawdowns

60 40 Max Drawdowns.png

Equity correlations unrelated to recessions occur more frequently, but recessionary ones tend to be more severe

Equity correlations unrelated to recessions occur more frequently, but recessionary ones tend to be more severe.png

During the periods of rising rates, Value generally has outperformed

During the periods of rising rates, Value generally has outperformed.png

Do we expect this growth to repeat?

Do we expect this growth to repeat.png

The global top dog outpaced the global cap-weighted stock market only once in the last 36 years!

The global top dog outpaced the global cap-weighted stock market only once in the last 36 years.png

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