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All World Cap Weighted Portfolio 1980-2018

All World Cap Weighted Portfolio 1980-2018.PNG

Performance Based on Annual Returns

Performance Based on Annual Returns.PNG

New Single-Family Home Sales

New Single-Family Home Sales.PNG

Equity Valuation by Country

Equity Valuation by Country.PNG

Four Bad Bears Total Returns Adjusted for inflation

Four Bad Bears Total Returns Adjusted for inflation.PNG

Declines Associated with recessions & Declines without a recession

Declines Associated with recessions & Declines without a recession.PNG

The world’s largest economies (based on PPP), 1820-2050E

The world’s largest economies (based on PPP), 1820-2050E.PNG

Emerging Markets vs. US

Emerging Markets vs. US.PNG

Current expansion: Fifth set, no tie break?

Current expansion_ Fifth set, no tie break.PNG

From synchronized acceleration to synchronized deceleration

From synchronized acceleration to synchronized deceleration.PNG

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