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Economy

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Value remains quite cheap globally

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Change in housing starts vs. months since first rate hike

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Publicly traded REITs premium/discount to NAV

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High-yield bonds remain excellent substitutes for equities

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Share of seats in the US Senate vs. the US House of Representatives since 1990

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Real S&P composite: 1871-present

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US treasury index drawdowns, % from peak since 1973

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PPP fair value and spot exchange rates for selected currencies since 1992

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LTCMA forecasts, 2023 vs. 2022, USD terms

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Year-to-date total return for the Bloomberg US aggregate index

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