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The pace of adoption of new technologies is accelerating

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US 10-year treasury yield (%) since 1955

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Historically, quality has performed well during a recession

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MSCI world trailing EPS local since 1972

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The most anticipated recession in recent history

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S&P 500 and 10 year treasury yields since 1929

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Expected equity returns sorted from lowest to highest

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US market cap has come to an end since 1900

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Price changes of consumer goods and since 2000

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Annualized real USD returns and risk premiums (%) for the world ex-USA, 1900-2022

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