Valuation

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Emerging Market Stocks, June 1989 - March 2020

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Non-U.S. Developed Stocks, June 1926 - March 2020

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Relative Growth of High Yield Cash Pay Index to U.S. Treasury Index

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Aggregate P/B for value vs. growth stocks, US market, 1926-2020

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Relative Growth of International Bond Index to U.S. Treasury Index

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Relative Growth of All Convertible Bonds Index to U.S. Treasury Index

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S&P vs EM Equity

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Forward P/E Relative to the S&P500 Index

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Global funds allocation in EM equities relative to benchmark

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The stock market isn't offering great value

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