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Real Fed funds rate since 1971

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Inflow to equities exceeds combined inflow of past 19 years

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S&P 500 historical risk & return 1926-2019

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Longevity risk: Probability of 65-year-olds living to select ages

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Worlds apart: Savers and spenders experience different paths

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Stocks and bonds have done well in various inflation environments

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Long-run returns of key asset classes offer important lessons for asset allocators

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The US has had an extraordinary last decade

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Real asset class returns 1976-2019

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The cost of waiting

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