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Valuation

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Value's discount widened to TMT-like proportions since 1971

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Tail Event: Private Equity Has A Massive Left Tail

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Profit Margin of the S&P 500 since 1957

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Yen Spot Price / Fair Value Relative To Long-Term Average Since 1969

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Shiller P/E Remains Above All But 1929, 2000, 2021 Peaks Since 1881

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S&P 500 equity risk premium (ERP), 1926-2023

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Small Cap Relative Valuations Have Become Attractive Since 1976

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In Developed Market Ex-U.S., "Deep Value" (Cheapest 20%) Is Very Cheap

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Within the U.S., "Deep Value" Segment ( Cheapest 20%) Is Truly Dislocated Since 1983

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Evolution Of The Value Spread Since 1981

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