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US treasury index drawdowns, % from peak since 1973

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PPP fair value and spot exchange rates for selected currencies since 1992

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USD and EUR stock-bond frontiers and 60/40 portfolios based on 2023 vs. 2022 LTCMAs for risk and return (%)

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LTCMA forecasts, 2023 vs. 2022, USD terms

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Growth of $1 invested from 12/31/1999-12/31/2009

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MSCI emerging markets less S&P 500 index since 1991

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Distribution of historical stock and bond returns since 1876

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Year-to-date total return for the Bloomberg US aggregate index

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Starting 3-year treasury yield and annual change in Fed funds rate since 1972

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Previous value cycles show the potential for prolonged outperformance

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