Economy

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Annual percent change in the US population since 1901 and percent of 65 and over since 1950

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Outsized inflation required outsized hikes

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Ten-year yield-to-worst range December 2011-December 2022

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No safe space in the world of bonds

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Historically, the first halves of bull markets usually outperform the second

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S&P 500 / emerging markets

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S&P 500/MSCI emerging markets and US dollar

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Bloomberg US aggregate bond index's yield to worst versus S&P 500's dividend yield since December 2002

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Historically, the longer the time horizon the more likely you are of making money

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Bloomberg US and global aggregate bond indices: Yield to worst since December 2002

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