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Relative equity market performance: USA vs. RoW since 1973

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S&P 500 returns during rate hike cycles

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S&P 500 rolling 30 year returns: 1926-2023

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S&P 500 rolling 20 year returns: 1926-2023

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S&P 500 rolling 10 year returns: 1926-2023

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Real broad effective US dollar exchange rate

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US dollar in historical perspective since 1973

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Equity risk premiums are higher outside the US

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Current valuations do not appear to be pricing in a decline in earnings

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CPI year over year (%)

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