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Valuation Cycle for HML: Value vs. Growth (Research Affiliates 1963-2019)

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On Average, Bear Markets Have Been Shorter Than Bull Markets (FactSet 1929-2020)

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Value Outperforms During Recoveries (Research Affiliates 1974-2009)

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The Strength and Duration of Bull and Bear Markets Have Varied Significantly (FactSet 1928-2020)

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Pre-2007 & Post 2007 Sample (Research Affiliates 1962-2006)

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Every Dow Drawdown Greater Than 80% (Bloomberg 1919-2020)

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U.S. 10Y Yields

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S&P 500 vs. Financials (Bloomberg Data 2007-2020)

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Likelihood of Value's Recent Drawdown Is Low but Not Implausible ( Research Affiliates 2020)

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S&P500 buybacks since 1999

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