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The worst year for bonds since 1931

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S&P 500 annual returns: 1928-2021

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Different treasury bond ETF's total return price % off high

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SPDR S&P 500 ETF trust (SPY) total return % off high since 1995

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United States, post-tax corporate profits (% of GDP) since 1947

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Arithmetic average annual real return of S&P 500 over different periods

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Stocks have started to recover before recessions end since 1973

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Managing money and investments does not prepare clients for the certainty of uncertainty

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Four investment paths through good and bad years since 1926

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US long bond since 1978

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