Returns

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Rolling three-year returns annualized since 1979

Rolling three-year returns annualized since 1979.png

Distribution of 5-year returns for S&P 500 (1928-2018)

Distribution of 5-year returns for S&P 500 (1928-2018).png

Distribution of 1-year returns for S&P 500 (1928-2018)

Distribution of 1-year returns for S&P 500 (1928-2018).png

U.S. 10-Yr. treasury bond real total return index 1926 to date

U.S. 10-Yr. treasury bond real total return index.png

Correlation between stock and bond returns

Correlation between stock and bond returns.png

The euro and equities returns

The euro and equities returns.png

Expect lower returns for longer

Expect lower returns for longer.png

By our measures this bull is the longest on record

BY OUR MEASURES THIS BULL IS THE LONGEST ON RECORD.png

Return spread between the top 10 and bottom 490 stocks in the S&P 500 index since 1991

RETURN SPREAD BETWEEN THE TOP 10 AND BOTTOM 490 STOCKS IN THE S&P 500 INDEX.png

10-2yr yield spreads and historical recession periods

10-2yr Yield Spreads and Historical Recession Periods.png

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