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The S&P 500 had officially entered a bear market in 2022

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Annual dispersion of CTA managers

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Within secular, cyclical bears tend to be relatively short, shallow or both

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US wealth growth vs. US GDP growth since 1951

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Real Fed funds rate since 1960

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How many dollars one euro buys

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How stocks perform around recessions since 1953

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Bond performance 12 months following first Fed hike since 1994

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Fixed income has generated positive returns across market environments since 1978

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Historically investors have generated strong returns following yield peaks since 1990

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