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Economy

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15 year bull market of US over RoW likely reverses in '23

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Bloomberg commodity index since 2001

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International: Price-to-earnings discount and difference in dividend yields vs. US since 2002

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Weights in MSCI all country world index and representation of key sectors in international markets

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US home price growth by city, housing affordability index since 1981, and credit score at mortgage origination since 1999

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S&P 500 index: Forward P/E ratio since 1997

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UK housing most unaffordable since Victorian times

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US home prices are falling for the first time since 2012

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Global value spreads since 1990

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S&P 500 index & MSCI EAFE index (in US$) since 1969

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