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Small Cap Relative Valuations Have Become Attractive Since 1976

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U.S. Small Cap Quality Performance Since 1976

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7-Year Asset Class Real Return Forecasts

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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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Value Is Very Attractive Globally

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Evolution Of The Value Spread Since 1981

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Stocks and Bond Performance from 1792

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All-time lows... real assets relative to financial assets since 1925

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S&P 500 Real Estate Sector GICS Level 1 Index / S&P 500 Index

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