Wealth Management

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Value Is Not Unique... All Factors Have Long Dry Spells ( Research Affiliates 1962-2018)

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Value Has Underperformed Since 2006 ( Research Affiliates 1963-2018)

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True core bond funds have provided diversification from equities

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Stocks have typically been a leading indicator for the economy

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Five biggest market declines and subsequent five-years periods

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High-Yield Corporate Bond Spreads Widen

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Weekly IG corp bond fund flows ($bn)

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Will the Dow follow the path of the Great Depression ?

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Total Market Cap/GDP

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Four decades of bull markets for Treasuries and still within the range

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