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Economy

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The worst days have been usually followed by the best days

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The unemployment rate (Estimate)

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Bear markets have been shorter than bull markets, on average

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Value outperforms during recoveries

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Pre - 2007 and Post - 2007 Sample

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20 -Year period from 1997-2017: $ 100,000 initial investment

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Likelihood of value's recent drawdown is low but not implausible

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Missing the best days of the market over the past 20 years

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60 -Year history of volatility (1958-2018)

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Monthly change in total payrolls (Estimated)

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