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Gold has beaten the market so far this century

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Year-round vacant housing units as a % of total year-round vacant inventory

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Homeownership and housing vacancy rates since 1960

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S&P 500 bear markets and the current downturn, declines and duration

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Average monthly US equity market returns 1971-2021

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Inflation expectations and EAFE/US performance since 1992

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Combined weight of the five largest S&P 500 stocks since 1990

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Short term: Valuation doesn't drive markets and Long-term: Valuation is very important

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S&P 500 median forward P/E September 30, 1995 - March 31, 2022

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Fed funds rate minus expected inflation (5-year) often referred to as the "real" fed funds rate

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