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Recoveries Have Been Worse of Late (1982-2015)

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S&P 500 Real Growth of $1 Since 1929 till Today

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Forecasting is Difficult so Focus on Valuations (Mar 1968-Mar 2015)

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Benchmarks Increase Duration When Least Needed (Jan 1988-Jan 2016)

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Volatility Across Asset Classes and Countries

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Longer Holding Periods Have Historically Rewarded Investors

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Average Annual Returns of the S&P 500 Index

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How These Strategies Have Compared in Historical Down Markets as Defined by the S&P 500

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Classic 60/40 Portfolio Drawdowns

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US Government Securities Fund Negatively Correlated to S&P 500

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