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S&P 500 / emerging markets since 1991

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US and global ex-US equities, rolling 10-year returns, 1971-2020

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Quits rate vs. job openings rate since 2001

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Implosion in buying intentions

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Real Fed funds rate since 1971

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Inflow to equities exceeds combined inflow of past 19 years

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S&P 500 historical risk & return 1926-2019

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Longevity risk: Probability of 65-year-olds living to select ages

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Worlds apart: Savers and spenders experience different paths

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Stocks and bonds have done well in various inflation environments

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