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Recent valuation levels paint grim outlook for future equity returns in the long run

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S&P500 annual peak-to-trough pullbacks (1929-2019)

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Long-term sentiment from individual investors at an extreme

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Future returns are heavily dependent on starting valuation

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The recent down market has been one of the steepest in history

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Historic troughs in yields can be the start of a secular decline in bond prices

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Long term investors have had better chances of positive returns

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The worst days have been usually followed by the best days

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The unemployment rate (Estimate)

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Bear markets have been shorter than bull markets, on average

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