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Loan Forgiveness (Assuming No EIDL Grant)

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Bond selloffs were extreme across credit quality

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Annualized returns over decades

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US Equity Returns Following Sharp Downturns

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Foreign stocks continue to trade at significant discounts to US stocks

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Improving the probability of success

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International equities are attractive compared to US

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Rolling 3-year returns annualized

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MSCI World index progression over last 50 years

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US Treasury 10-Year bond yields

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