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US home prices are falling for the first time since 2012

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Global value spreads since 1990

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S&P 500 index & MSCI EAFE index (in US$) since 1969

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Global asset classes

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Price-to-book ratio, June 1926-November 2022

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Nominal yield curves unhedged

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Recent value performance in context July 1926-November 2022

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MSCI EM vs. US dollar index (DXY) January 2002-December 2007

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Returns and drawdowns since 1928

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The best year for value index outperformance since the popping of the tech bubble

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