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Secular economic baseline: new normal/new neutral continues to rule

Secular economic baseline new normal new neutral continues to rule.png

Global value stocks offer deep discount vs. growth

Global value stocks offer deep discount vs. growth.png

Cumulative total returns of convertible bonds since 1993 when yields are up

Cumulative total returns of convertible bonds since 1993 when yields are up.png

Cumulative total returns of convertible bonds since 1974

Cumulative total returns of convertible bonds since 1974.png

Real (inflation adjusted) equity returns around the world, 1900-2016

Real (inflation adjusted) equity returns around the world, 1900-2016.png

Hypothetical real growth of $1 in US market (logarithmic scale)

Hypothetical real growth of $1 in US market (logarithmic scale).png

OECD composite leading indicator

OECD composite leading indicator.png

Percentage of active funds that have outperformed the index after fees, January 1999 through December 2018

Percentage of active funds that have outperformed the index after fees, January 1999 through December 2018.png

U.S. corporate credit as % GDP since 1968

U.S. corporate credit as % GDP since 1968.png

U.S. corporate BBB debt vs. Sub-Prime mortgage

U.S. corporate BBB debt vs. Sub-Prime mortgage.png

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