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U.S. Real GDP Since 1970

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Why Did Inflation Occur

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Return Decomposition, Last 30 Years

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Valuation is the primary driver of long-term return

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Base Case: Highest Forecasted Return In 20 Years Since 2003

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S&P 500 Drawdowns (%) since 1979

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Bonds Likely To Protect Less On the Downside

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U.S. Growth Price/Sales Since 1971

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Value's discount widened to TMT-like proportions since 1971

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Much Improved Outlook For Equities

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