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Concentration measured as percent of total market capitalization of the S&P 500 since 1995

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S&P 500 vs. Emerging Markets Equity

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US CPI college tuition & fees NSA year-on-year price increase (%) since 1981

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Ratio of property prices to household income in select cities

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Small-cap value sells at near lowest valuation to growth in 20 Years since 2000

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Relative Valuations for Small Caps Near Lowest in 20 Years

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Reversal of four secular corporate tailwinds could weigh on profit margin expansion over the longer term

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Cycles of US and international equity outperformance since 1971

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Percent of total US population 65 and over since 1950

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Times When Fed Funds Rate and 10-year Treasury Note Yields Increased

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