Economy

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Value still remarkably cheap relative to growth, based on composite fundamentals as of 12/31/21

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Inflation and value as of 12/31/21

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Two-year US treasury PE multiple since 1977

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Ten-year US treasury since 1962

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Two-year US treasury since 1977

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Performance of "disinflation/deflation assets" vs. "inflation assets" since 1960

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Guggenheim recession probability forecast since 1970

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REIT dividend yield vs. 10yr treasury yield

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Price-to-NAV since 1990

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Quarterly US 10-year treasury total return series - Q1'22 one of the worst quarters on record

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