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REITs are trading at significant discounts to equities since 2003

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Extreme Market Concentration since 1964

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Rolling 10-year US Stock Returns since 1914

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European Stocks Are Almost the Cheapest Ever Versus The US since 2006

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European Stocks are Almost the Cheapest Ever Versus the US since 2006

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Stock Yields vs. Bond Yields: 1926-2023

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Globally Diversified Portfolio (1973-2022)

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Cash yields typically decline sharply following the Fed’s final hike

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There have always been reasons to sell, but markets have been resilient

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Bonds have benefited as Fed neared end of rate hikes

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