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EM local debt has dominated DM debt alternatives in diversifying away from the USD

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Outperformance by Morningstar Category: Short-Term Bond vs. Ultrashort Bonds (%)

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Phaseouts and breakpoints (MFJ)

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Rolling 10-year Excess Returns: High vs. Low-Quality U.S. Stocks

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U.S. Shiller PE today is second only to the tech bubble

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BBB Spreads And US Recession Periods

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Average Credit Spreads

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Value is extremely cheap

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Exhibit: 60/40 - "Lost Decades" Are More Common Than You Think

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Equity returns over the past five years are all about the Mag 7

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