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Hedge fund manager dispersion

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Cumulative net domestic migration

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Public and private manager dispersion

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Expected long-term returns increase with higher equity allocation, but investors bear greater risk (1926 – 2022)

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Real returns of CDs accounting for inflation & taxes since 1999

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S&P 500 – bear market comps

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Case-Shiller US home price indices (as of April 2023)

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A default cycle has started

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Bankruptcy filings moving up in recent weeks

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Auto loan transitions to serious delinquency approaching 2008 levels

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