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Economy

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Loan Forgiveness (Assuming No EIDL Grant)

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Bond selloffs were extreme across credit quality

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US Equity Returns Following Sharp Downturns

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US Treasury 10-Year bond yields

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Breadth of international market opportunity

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Does not look like future bond returns will help elevate portfolio returns

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U.S./ Europe Relative Strength (total returns)

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Do earnings and dividends revert back to the mean?

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Shiller P/E ratio projects a 6.7% 10-year return vs. the average of 10.9%

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Equities have build wealth despite crises - S&P500 1970-2019

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