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Rates and income tax brackets scheduled to go into effect on January 1, 2026

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Why own managed futures?

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Largest 12-month bond losses (real total return % for intermediate term US government bonds)

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MSCI EAFE and MSCI USA relative performance since 1971

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Total inflation by decade since 1990

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Growth of $10K invested January 1, 1980

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Top-half domestic funds were unlikely to repeat their accomplishments over the next 5 years

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US dollar overvaluation vs. foreign currencies based on purchasing power parity (%) since 1980

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Sharp year-on-year rises in the dollar index have been associated with financial/economic stress since 1990

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Historical top, bottom, recovery time, and decline from top to bottom (%) or different eras since 1926

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