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Economy

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Health Expenditure by Type of Financing (OECD 2017)

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Health Expenditure by Type of Service (OECD 2017)

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Recessions are painful, but expansions have been powerful

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Worst 5 drawdowns for the S&P500 index since inception of managed funds index

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Health Expenditure as Share of Total Government Spending (WHO 2014)

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US Federal debt as % GDP (Bofa 1790-2020)

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A recession in 2020 could be above average in severity

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US 60/40 Equity/Bond Portfolio T10Y Returns

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Incumbent US Presidents to Lose Re-Election Since Great Depression (Bloomberg 2020)

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10-year US Government Yields Hit Fresh All-Time Multi-Century Lows Overnight (Deutsche Bank 1786- 2020)

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