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The strength and duration of bull and bear markets have varied significantly

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European vs. US CAPE

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Magnitude of potential outperformance

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Are A & B different shades of gray?

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Real US stock and house prices since 1899

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Value's recent underperformance is an anomaly

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Value's recent underperformance is an anomaly

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Gold price per ounce and USD index 1969 to 2018

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Gold and equities annual returns (%) in the five worst years for equities 1972 to 2018

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Increasing costs (private room nursing home, assisted living facility, home care home health aide, home care homemaker)

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