Economy

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High quality fixed income offers stronger value than in the past decade

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Russell 2000 index vs. the S&P 500 index trailing P/E ratios, 1/31/98-5/31/22 (%)

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S&P 500 down years (1977-2022)

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World government bond GDP-weighted return index (YoY%) since 1915

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Worst starts since 1927

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America's post-WW2 recessions

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Bull and bear markets since 1926

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Gold (block) and the US dollar index (inverted in grey) since 1970

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Asset class performance in different inflation environments

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Corporate talk of deglobalization has hit a new high while global trade has slightly decreased in recent years

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