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Valuation

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S&P 500 drawdown and model implied drawdown based on initial CAPE valuation and duration or recession

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Various valuation scores of different sectors vs. global equities

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EM and EAFE relative valuations

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Growth stocks remain far from valuation support since 1999

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The valuation premium investors pay for the US market also more than doubled over the period

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Percent of US stocks trading over 10x price/sales since 1980

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Equity market valuation and currency valuation

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Relative valuation of cheapest 50% of stock market vs. expensive less average since 1981

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Valuation: China vs. ACWI US

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Real S&P 500 index corrections from peak valuations since 1871

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