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MSCI US P/E relative to MSO WorldxUS P/E since 1970

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S&P 500 Intra-Year Decline

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Current discount to NAV is below historical average of 1.3% premium

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Relative valuations of small caps are near twenty-year lows

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Stocks and Bonds Created Significantly More Wealth Than Cash Over Most Decades

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Inflation and Taxes Have Had a Significantly Negative Effect on CD Returns Since 2004

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Distribution of year-to-date bond performance (1928-2022)

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10 Year S&P 500 Returns Since 1959

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MSCI USA Index Minus MSCI World Ex-USA Index (3-Year Rolling Returns) Since 1972

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P-E Ratio 1960 to 2023

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